TECOM Group has reported a net profit of AED 603 million for the first half of this year, a 24 per cent increase year-on-year.
Revenues have risen nine per cent, to AED 1.1 billion and EBITDA has also grown nine per cent to AED 896 million.
Occupancy rates across its assets improved, with commercial and industrial properties at over 92 per cent and land holdings at 96 per cent.
For Q2 2024, revenues reached 584 million dirhams, net profit surged 35 per cent to AED 311 million, and EBITDA increased seven per cent to AED 457 million.
The Group announced a dividend of 400 million dirhams for the first half of 2024, with a total annual dividend commitment of 800 million through September 2025.
Malek Al Malek, Chairman of the Board of TECOM Group, said, "The UAE and Dubai's pro-business framework has strengthened the local knowledge and innovation-based economy, and TECOM Group is leveraging our city's robust fundamentals to support the growth of global businesses in the Emirate.
Abdulla Belhoul, CEO of TECOM Group, stated, "Our commitment to delivering high-quality offerings for investors and talent from around the world is reflected in the Group's first-half performance, with high occupancy levels across our Grade-A portfolio serving six priority sectors. Dubai remains a global magnet for the world's leading innovators and investors, and we are harnessing the city's appeal to continue generating long-term value for our shareholders."
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