Tecom Group, the operator of business districts in Dubai that are home to more than 9,500 companies, reported a 28 per cent increase in its 2022 full-year net income, as revenue rose amid the continued growth of the emirate’s economy.
Profit for the 12-month period to the end of December climbed to about Dh726 million ($198 million) from a year earlier, Tecom said in a filing on Friday to the Dubai Financial Market, where its shares are traded.
Revenue for the reporting period jumped 12 per cent on an annual basis to Dh1.97 billion, driven by higher occupancy levels, stronger customer retention rates and an increase in the number of new customers across the Tecom Group portfolio.
Earnings before interest, taxes, depreciation and amortisation (ebitda) rose by an annual 15 per cent to Dh1.35 billion.
The ebitda margin expanded to 68 per cent in 2022 financial year, from 66 per cent in 2021, driven by improved revenue from all business segments and efficient management of operating expenses.
“Our strong first full-year results since listing are a testament to our ability to deliver on the growth strategy outlined at our IPO [initial public offering] and our rigorous financial and operational discipline,” said chief executive Abdulla Belhoul.
“The strong growth in our occupancy rates in 2022 indicates a sharp return in demand for quality commercial and industrial real estate assets in Dubai and reflects the attractiveness of Tecom Group’s specialist real estate offerings.”
Source: The National News