‘15% Increase in Profit for TECOM Group Amid Record High Occupancy Levels’

TECOM Group Reports 15% Increase in Net Profit in Q1 2024

TECOM Group, a creator of specialized business districts and vibrant communities in Dubai, has announced a 15 per cent year-on-year (YoY) growth in net profit to AED 293 million for the three-month period ended March 31, 2024.

After achieving record financial performance in 2023, TECOM Group continued its strong financial performance in the first quarter of 2024. The growth was driven by robust demand across the business from both new and existing customers.

Revenue also saw an increase, rising by 10% YoY to AED 564 million, with the occupancy rate across the commercial and industrial leasing portfolio reaching an all-time high of 91 per cent.

The growth was supported by a robust macroeconomic backdrop and government initiatives and measures in Dubai. According to Abdulla Belhoul, the Chief Executive Officer of TECOM Group, the company’s diverse portfolio has been able to satisfy the increasing demand for quality commercial spaces and solutions due to Dubai’s broad-based economic growth.

Belhoul also mentioned the palpable demand from new customers across the six sectors TECOM Group serves, especially for Grade A offices and industrial properties. The company has also seen strong appetite from existing customers, with customer retention rates within the industrial leasing portfolio reaching a historic 98%.

TECOM Group’s Q1 2024 financial performance was praised on social media, with a tweet from the Dubai Media Office highlighting the 15% increase in net profit and the occupancy levels reaching historic highs.

Overall, TECOM Group’s strong financial performance in the first quarter of 2024 reflects its ability to meet the growing demand for quality commercial spaces in Dubai’s thriving economic environment.