TECOM Group, the creator of specialised business districts and vibrant communities in Dubai, reported a record revenue of AED 2.2 billion and a net profit of AED 1.1 billion for 2023, up 10% and 49% respectively from the previous year.
The Group attributed its strong performance to robust demand from new and existing customers across all six sectors it serves, as well as Dubai’s resilient economy and pro-growth policies. The Group also increased its EBITDA margin to 76%, its FFO to AED 1.4 billion, and the market value of its real estate portfolio to AED 22.9 billion.
The Board of Directors proposed a dividend of AED 400 million for the second half of 2023, subject to shareholder approval.
Abdulla Belhoul, the CEO of TECOM Group, said the Group capitalised on favourable opportunities in Dubai’s commercial and industrial market and satisfied demand trends by leveraging its unique and diverse offerings.
He said the Group achieved high occupancy rates of 89% across its portfolio, driven by strong demand for assets in all sectors, especially the industrial sector and premium office spaces in districts like the Dubai Design District.
He also highlighted the 15% increase in the number of new customers from 2022, which included F&B manufacturer Nutridor, technology service provider Endava, global herbal health specialist Himalaya Wellness, pharma giant AstraZeneca, and globally renowned School of Jewelry Arts L’ÉCOLE. He expressed confidence in the Group’s ability to sustain the growth momentum in 2024 and beyond, with its well-balanced business model, access to strategically located land bank and prime assets, and market-leading position.
TECOM Group shareholders approve AED 200 million cash dividend for H2 2022