“Tecom” group achieves record revenues of 2.4 billion dirhams

The Ticom Group (listed in the Dubai Financial Market under the symbol “TECOM”), (“The Company” or “The Group”), which owns and runs specialized business complexes that focus on vital sectors, today achieved record revenues amounting to 2.4 billion dirhams of UAE, an increase of 11% On an annual basis, in addition to the growth of net profits by 14% on an annual basis to reach 1.2 billion dirhams for the fiscal year ending December 31, 2024 (fiscal year 2024). These results reflect the success of the Tecom Group’s strategy in continuing the process of sustainable growth by systematically expanding its portfolio and improving the efficiency of its operational operations, in parallel to enhance the high rates of occupancy and retaining customers during the year 2024.

Power and flexibility

Commenting on these results, the Chairman of the Board of Directors of the Tikom Group, Malik Al -Malik, said: “The strong results achieved by the Tikom Group in 2024 reflect the strength and flexibility of the economy of the UAE and the Emirate of Dubai, and our firm commitment to continuing the prominent role of the group in enhancing the knowledge economy by attracting the most prominent companies The world and the best distinguished talents in six main and strategic sectors. “

He added: “Thanks to the record of the Ticom group full of achievements, and its success in implementing the growth strategy, the group continued its strong performance in addition to expanding its portfolio of commercial and industrial assets through deliberate acquisitions and developing high -quality projects. The strategic investments announced by the group come with a total value of more than 2.7 billion UAE dirhams during the year 2024, to enhance its sustainable growth march to establish the prominent role of the group as a strategic engine for the business sector. The strategic road map drawn by the group, in an effort to achieve sustainable growth and ensure the best returns for shareholders. “

Strong and sustainable growth

On this occasion, the CEO of the Tikom Group, Abdullah Balhll, said: “Dubai and the UAE continues to achieve strong and sustainable growth within the commercial real estate and industrial sectors, supported by remarkable growth in the GDP, and we are proud of the resources and capabilities that the group has to support the ambitious growth march, As a leading party that owns and manages specialized business complexes that contribute to attracting the most prominent international companies and talents that contribute to enhancing the process of sustainable economic development in Dubai.

He added: “The Tecom Group has achieved remarkable growth in revenues and profits before calculating interest, taxes, consumption, consumption and real estate evaluation in 2024, thanks to the strong performance of its assets and high demand from customers and wise management of costs and high customer satisfaction rates. We are committed to continuing our pivotal role in strengthening Dubai’s economy and contributing Harge in achieving its ambitious economic aspirations, in line with the targets of the Dubai Economic Agency D33. Tikom Group. ”

The most prominent results of the fiscal year 2024

During the year 2024, the group’s revenues recorded 11% on an annual basis to overcome 2.4 billion dirhams, driven by an increase in occupancy rates by 5% on an annual basis to reach 94%, and high rates to retain customers by 92% and high rental rates.

The profits were achieved before calculating interest, taxes, destruction and consumption by 12% on an annual basis (200 million dirhams) to reach 1.9 billion dirhams, thanks to the improvement of the quality of revenues and the performance of the strong operating group in all business sectors. The profit margin increased before benefits, taxes, destruction and consumption to 77%, recording a 1% increase compared to the margin of fiscal year 2023.

The group’s net profit increased by 14% on an annual basis to 1.2 billion dirhams, driven by strong revenues and the continuous wise management of costs.
The group continued to achieve growth in occupancy rates and rates of retaining customers at the level of its business portfolio, in light of its focus on providing leading business complexes with the highest quality standards in strengthening customer loyalty. The occupancy rate of commercial assets reached 90%, in light of the registration of strong rates to retain customers by 91%. The occupancy rate of industrial assets reached 98% (an increase of 9% on an annual basis), in light of the registration of customer retaining rates by 94% (an increase of 6% on an annual basis).
Cash flows from operational operations amounted to 1.6 billion dirhams, recording a 14% increase on an annual basis and driven by the efficiency of collections and high performance of managed assets.

High asset value

The value of the assets has increased through an independent evaluation conducted by the Consulting Services Company “CBRE” on the fair value of the investment real estate portfolio in the Tecom Group, which amounted to 28 billion dirhams until December 31, 2024. This value reflects an equal increase of 11% compared to the rates of 2023 and an increase On an annual basis of 22%, including new strategic acquisitions during 2024.

This increase was based on the pillars of the real estate market in Dubai and the high occupancy and customer retaining rates, as part of the Tikom Group of commercial and industrial assets.
The most prominent financial results for the last quarter of the year 2024

The revenues also increased by 11% on an annual basis to 643 million dirhams, reflecting the strong performance of the group during the year 2024 and its strong results in the last quarter in line with the results of the fiscal year 2024 in general.

The profits increased before calculating benefits, taxes, destruction and consumption by 9% compared to the profits of the fiscal year 2023, to reach 458 million dirhams with a 71% profit margin.

The net profit reached 286 million dirhams, which came 8% less compared to the same period for the year 2023, as this decrease is due to the cost of the income tax that began to be applied during the year 2024, and also to a rise in the costs of financing resulting from the use of part of the available facilities to finance Operations.

The most prominent achievements of the group during the fiscal year 2024

The Tecom Group has invested 2.7 billion dirhams in the acquisitions and development of a strategy to support its sustainable growth, including:
The acquisition of a total floor area of ​​629 thousand square feet to construct six buildings designated for offices from the first -class category, within the second phase of the Dubai Design district, where the total value of this investment will reach 825 million dirhams.

And the development of new office spaces in the first -class category of 340 million dirhams in Dubai Internet City, by launching the third stage of the “Innovation Center”.
The acquisition of two first -class office buildings of 420 million dirhams in Dubai Internet City, which will add 334 thousand feet a square of distinctive office space.

And the acquisition of industrial lands with an area of ​​13.9 million square feet, with a total value of 410 million dirhams in Dubai Industrial City.
The acquisition of the “Office Park” complex in Dubai Internet City of 720 million dirhams.

A group of the most prominent technology companies, such as “Ali Baba Claude”, “Hysense” and “Silzers”, joined Dubai Internet City in 2024, coinciding with its celebration of the 25th anniversary of its contribution to strengthening the digital economy in the region.

Also joined a group of leading companies in various sectors, such as “Nilkanth Kibils”, “Ozone Pharma” and “Elite Holding Group”, to Dubai Industrial City in 2024, coinciding with its celebration of the 20th anniversary of its contribution to the advancement of the manufacturing sectors and logistical services in The area.

The Dubai Design District, along with the Italian design group, launched the “Design Nicks” exhibition, a pioneering exhibition with a future vision centered around the circular economy, and hosted the regional headquarters of the School of International Jewelry Drafting Arts “Likol”.

Environmental and social standards and governance

During the year 2024, the Tecom group continued to emphasize its commitment to limit its environmental imprint, maintain transparency in governance, support its societies, and enhance diversity at the level of its operations.

The most prominent achievements of the year 2024 include:

49% of the commercial assets portfolio (leased total area (Leading and Environmental Design Certificates (LEED), bringing the total number of buildings with 43 buildings in 2024.

Promote solar power generation capabilities by 15.5% to 14.2 GWh in 2024 (12.3 GWh in 2023), to contribute to saving 7.7% of the total electricity consumed by the group.

Sorting 36.3% of the total waste to the plants for converting waste into energy.

An increase of 7.8% in the number of active startups within the group’s emerging business incubator, to reach 410 startups compared to 380 startups in 2023, knowing that 30% of those companies are owned by business pioneers.

Allocating investments worth 1.4 million dirhams in activities and activities aimed at enhancing companies ’social responsibility, which resulted in initiatives such as the“ Good Store ”and“ together we walk ”.

Profit distributions

The group’s board of directors recommended the distribution of cash dividends worth 400 million dirhams (8 fils per share) for the second half of the year 2024, after obtaining the approval of the shareholders during the upcoming annual general assembly meeting on March 10, 2025, in accordance with the policy of distributing the profits approved until the first half of the year 2025.

The Board of Directors was also considered to increase the expected cash dividends from the second half of 2025 by 10%.