Tecom Group has announced impressive financial results. They have got net profits reaching Dh943 million. There is a significant rise in demand for commercial and office spaces. This achievement highlights the thriving real estate market in Dubai. The group’s strategic emphasis is on enhancing its office and industrial properties.
For the first nine months of 2024, the group’s revenue totaled Dh1.7 billion. It reflected a 10% increase in their profit. The quarterly net profits surged by 23% to Dh943 million. The July-September quarter was particularly strong. It achieved a record revenue of Dh611 million. There was a 20% rise in quarterly net profit to Dh340 million.
CEO Abdulla Belhoul noted that high occupancy rates of Tecom’s commercial and industrial properties lead to success. The company can attract leading firms from various sectors. Additionally, effective financial management and cost-control strategies have significantly improved the company’s profitability.
By the end of September 2024, occupancy rates across Tecom’s properties reached an impressive 94%. It reflected a robust market demand. The company earned a lot of profit from its premium offerings. These services are provided in key areas such as Dubai Internet City, Dubai Design District, and Dubai Industrial City.
Tecom has pursued an aggressive expansion strategy. It has invested Dh2 billion in key assets this year. It includes a new 13.9 million-square-foot land bank in Dubai Industrial City. The recent purchase of Office Park from Emirates REIT was a part of the company’s plan.
The launch of the Innovation Hub Phase 3 in Dubai Internet City was the company’s plan for long-term growth. These investments have raised total asset investments in 2024 to Dh2.7 billion. Tecom is establishing Dubai as a premier hub for commercial and industrial activities.
