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Dubai’s TECOM profit jumps 55% in Q2 2022 on economic rebound

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TECOM Group remains optimistic about its ability to sustain a steady increase in occupancy and high customer retention levels.
  • H1 2022 net profit jumped 43.4% YoY to AED 428 million  
  • Business park operator is owned by Dubai ruler’s investment vehicle

Dubai business park operator TECOM Group reported a net profit of AED 237.7 million ($64.72 million) in the second quarter of 2022, up 54.5 percent, from AED153.9 million a year ago, thanks to buoyancy in the emirate’s economy and improving business sentiment.

Revenues for the three-month period ending June 30, 2022, jumped 18.5 percent year-on-year to AED504.3 million, the company said in a statement published on the Dubai Financial Market.

The company’s H1 2022 net profit jumped 43.4 percent YoY to AED428 million due to double-digit growth in revenue, enhanced operational efficiencies and lower total financing costs.

Meanwhile, revenue for the first six months increased 15.8 percent YoY to AED989 million on higher occupancy rates across commercial and industrial properties and strong revenue growth from the business and value-added service segment, the statement said.

The company, which is owned by the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, raised AED1.7 billion from investors via its initial public offering, and shares began trading on June 5.

The share price was AED2.37, down slightly from a high of AED2.44 in July.