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TECOM GROUP P.J.S.C.

TECOM

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TECOM GROUP P.J.S.C.

Logotype for TECOM GROUP P.J.S.C.
Ticker/ISIN
TECOM
AEE01081T004
Market/Country
Dubai Financial Market
United Arab Emirates

About TECOM GROUP P.J.S.C.

TECOM Group has been developing strategic, sector-focused business districts across the emirate of Dubai since 1999. TECOM Group is well-positioned to continue playing an integral role in cementing Dubai’s status as a global business and talent hub.

The TECOM Group portfolio consists of 10 business districts catering to 6 vital knowledge-based economic sectors, including design, education, manufacturing, media, science, and technology. The Group provides a varied and tailor-made leasing portfolio – which includes offices, co-working spaces, warehouses and land – to over 10,000 customers and more than 105,000 professionals.

TECOM Group offers additional value-added services to deliver a competitive and attractive environment for businesses and entrepreneurs to thrive in and to facilitate engagement between the districts’ community members. Government and corporate services are made available through an integrated smart services platform, “axs”, which enhances ease of doing business and provides community members with a seamless experience.

TECOM Group also provides industry specialised facilities, including media production studios, laboratories and higher education campuses. in5, its enabling platform for entrepreneurs and start-ups, offers innovation centres supporting tech, media, and design start-ups and SMEs. Its future-focused co-working spaces D/Quarters deliver stimulating work environments for tenants, and the “GoFreelance” package serves freelance talents.

Latest Pressrelease Summaries from TECOM GROUP P.J.S.C.

TECOM Group held its Annual General Assembly Meeting at Dubai Internet City, where shareholders approved a cash dividend of AED 400 million for the second half of 2024. This brings the total dividends for 2024 to AED 800 million. The Board of Directors was re-elected, and the financial statements for 2024 were approved. Chairman Malek Al Malek highlighted the group's strong performance in 2024, which included AED 2.7 billion in strategic investments aimed at sustainable growth. TECOM reported a 11% increase in revenues to AED 2.4 billion and a 14% rise in net profits to AED 1.2 billion for 2024, with high occupancy and retention rates. The group continues to focus on expanding its portfolio and enhancing customer satisfaction across its business districts.
The TECOM Group PJSC Annual Report for 2024 emphasizes the company's collaborative approach to business, highlighting how working together enhances business success.
The document provides clarifications regarding the appointment of proxies for attending the General Assembly meeting of TECOM Group PJSC. According to the Corporate Governance Guide, a shareholder eligible to attend the General Assembly can delegate someone, who is not a board member, company employee, or part of a securities brokerage company, to attend on their behalf via a written proxy. The proxy must explicitly state that the representative can attend and vote at the meeting. A person representing multiple shareholders cannot hold more than 5% of the company's issued capital. Individuals lacking legal capacity must be represented by their legal representatives. The shareholder's signature on the proxy must be authenticated by a recognized authority such as a notary public, chamber of commerce, economic department, licensed bank or company, financial market, or any other licensed authority in the UAE.
TECOM Group PJSC has announced the opening of nominations for its Board of Directors. The nomination period is from February 17 to February 28, 2025. Interested individuals or shareholders who meet the criteria can apply by completing nomination forms available on the company's website and submitting them via email. Seven board members will be elected. The nomination period lasts ten days, and candidate details will be displayed on the company's website before the General Assembly meeting on March 10, 2025. Candidates cannot transfer their nomination after the period ends. The candidate list will be shared with relevant authorities after nominations close. Criteria for candidates include relevant experience, no criminal history, no recent removal from a board, a clean professional record, no ongoing legal issues, and contribution to board diversity. Applications must be submitted on time with all required documents, and selected candidates may be interviewed by the Nomination and Remuneration Committee.
The Dubai Financial Market has been notified by TECOM Group PJSC about an upcoming earnings conference call. This call, which will discuss the company's financial statements for the fiscal year ending December 31, 2024, is scheduled for 3:00 PM on Thursday, February 13, 2025. The notification is signed by Abdulla Belhoul and a copy has been sent to the Securities and Commodities Authority.
TECOM Group reported a 14% increase in net profit for FY 2024, reaching AED 1.2 billion, driven by record revenue and strong performance across all business segments. Revenue rose by 11% year-on-year to AED 2.4 billion, supported by high occupancy rates of 94% and retention rates of 92%. EBITDA grew by 12% to AED 1.9 billion, reflecting strong operational performance. Funds from operations exceeded AED 1.6 billion due to increased revenue and operational efficiencies. The Group expanded its asset portfolio through strategic acquisitions and development projects totaling AED 2.7 billion. The fair value of its Investment Property Portfolio increased by 11% on a like-for-like basis and by 22% including new acquisitions, reaching AED 28 billion. The Board of Directors proposed a dividend payment of AED 400 million for the second half of 2024, pending shareholder approval at the Annual General Meeting on 10 March 2025. These results highlight the Group's strategy to enhance its core business in Dubai through portfolio expansion and operational efficiencies.
The document is a confidential report containing the classification, consolidated financial statements, and other related financial information for TECOM Group PJSC and its subsidiaries for the year ending on December 31, 2024.
The Board of Directors of TECOM Group PJSC will hold a meeting on Thursday, January 30, 2025, at 3:00 PM. The agenda includes discussing and approving the annual audited financial statements for the year ending December 31, 2024, setting the date, time, and agenda for the annual general assembly of shareholders, and addressing regular matters and any other business. The meeting notice is addressed to Mr. Hamad Ali, CEO of Dubai Financial Market, and a copy is sent to the Securities and Commodities Authority. The letter is signed by Malek Al Malek, Chairman of the Board of Directors.

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Dubai Financial Market News profile image

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Earnings Call

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Financial statements for the 2n QTR of

The document is a review report and condensed interim consolidated financial statements for TECOM Group PJSC and its subsidiaries, covering the six-month period ending on June 30, 2024.

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Results of BOD Meeting

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: BOD meeting

On 29 July 2024, Mr. Hamad Ali, the CEO of Dubai Financial Market, was informed that the Board of Directors of TECOM Group PJSC will hold a meeting on 01 August 2024 at 3:00 PM. The agenda includes discussing and approving the condensed consolidated interim financial statements for the first half of the financial year ending 30 June 2024, considering a proposal to distribute an interim cash dividend for the same period, and addressing regular matters and any other business. This information was also copied to the Securities and Commodities Authority.

1. Attached Document

JohnnyDebt profile image

JohnnyDebt

Commented on RealEstateKings Transaction regarding TECOM GROUP P.J.S.C.

Interesting move! TECOM GROUP at 2.55 AED per share seems like a strategic buy. Diversifying beyond Real Estate and Utilities could balance your portfolio. Keep a close watch on market trends!
TomFlooz profile image

TomFlooz

Commented on RealEstateKings Transaction regarding TECOM GROUP P.J.S.C.

Solid move! TECOM GROUP has strong growth potential. Diversifying into tech within your real estate-heavy portfolio could balance risk and reward. Keep an eye on market trends! 🚀
FinanceBroAED profile image

FinanceBroAED

Commented on RealEstateKings Transaction regarding TECOM GROUP P.J.S.C.

Looks like you're building your own "TECOM Tower"! 🏢 Nice move, but don't let those utilities stocks short-circuit your plans! ⚡📈
Dubai Financial Market News profile image

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Press Release

TECOM Group is investing AED 1.7 billion in strategic projects as part of its next phase of growth. The group's board of directors has approved a plan to expand its portfolio and promote sustainable growth. The plan includes acquiring high-quality office buildings in Dubai Internet City and industrial land plots. The investments are expected to contribute immediately to revenue growth and portfolio value appreciation and meet market demand in the medium to long term. This expansion plan reflects TECOM Group's confidence in the demand for commercial Grade A spaces and industrial assets, supported by Dubai's strong economic development. The investments will be carried out by TECOM Group's subsidiaries. The group is well-funded to acquire these strategic assets, backed by strong financial performance and ample liquidity.

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: Results of BOD Meeting

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From TECOM GROUP P.J.S.C.

Disclosure: BOD Meeting

1. Attached Document

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