TECOM Group profit increases 15% on record high occupancy levels

Dubai's TECOM Group 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.

Following record financial performance in 2023, the creator of specialised business districts and vibrant communities, continued to deliver strong financial performance in the first quarter of 2024, driven by robust demand across the business from new and existing customers.

Revenue increased 10% YoY to AED 564 million as the occupancy rate across the commercial and industrial leasing portfolio reached an all-time high of 91 per cent.

The robust macroeconomic backdrop and supportive government initiatives and measures underpinned this growth.

"This stands as a testament to our ability to leverage our diverse portfolio to satisfy the rising demand for quality commercial spaces and solutions spurred by Dubai’s broad-based economic growth," said Abdulla Belhoul, Chief Executive Officer of TECOM Group.

"Demand from new customers across the six sectors we serve is palpable, notably for Grade A offices and industrial properties. We are also pleased with the very strong appetite from existing customers, with customer retention rates within our industrial leasing portfolio reaching a historic 98%," he added.

. @TECOMGroupDubai q1 2024 net profit increases 15% to exceed aed 290 million with occupancy levels reaching historic highs. #Dubai https://t.co/hCeC0wndol pic.twitter.com/NQhKsJbQcX

— Dubai Media Office (@DXBMediaOffice) May 3, 2024