Banking & Finance Tecom Group’s Q1 2023 profit jumps 34% to $69m By Pramod Kumar May 4, 2023 WAM The group's revenue increased 6 percent year-on-year to AED514 million in Q1 2023 Dubai business park operator Tecom Group reported a 34 percent year-on-year rise in net income to AED255 million ($69.44 million) in the first quarter of 2023, driven by strong revenue growth, improved operational efficiencies and sustained growth across all business segments. The group’s revenue increased 6 percent year on year to AED514 million, while EBITDA rose 14 percent year on year to AED399 million in Q1 2023, driven by top-line growth and lower operational expenses. Funds from operations reached AED359 million, a 44 percent year-on-year increase, in Q1 2022, backed by strong collections and high customer retention levels. CEO Abdulla Belhoul said: “We believe we are well positioned to continue to capitalise on the booming real estate market in Dubai.” The company, which is owned by the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, raised $460 million from investors via its initial public offering in June last year. Tecom shareholders approved a dividend payment of AED200 million, which was paid last month. This follows a AED200 million payout distributed in November 2022. “Looking ahead, our outlook for the rest of the year is positive, particularly with the prospect of higher rental rates, continued growth in occupancy and the immense potential that the city offers to businesses of all sizes and from all sectors,” Belhoul stated.