Tecom Group announces record revenues for 2024

Wam

Higher occupancy and retention rates in property leasing company Tecom Group’s core business clusters pushed revenues to a new high of AED2.4 billion ($653.42 million) in 2024, up 11 percent year on year.

The Dubai-based company delivered substantial growth across revenue, Ebitda and property valuation in 2024, driven by strong asset performance, higher customer demand and prudent cost management, said CEO Abdulla Belhoul.

Chairman Malek Al Malek said the AED2.7 billion investment announced through 2024 will further expand the group’s portfolio.

Overall, annual occupancy rates rose by 5 percent to 94 percent, while retention rate reached 92 percent.

Commercial portfolio occupancy stood at 90 percent, with retention rate at 91 percent. Industrial portfolio occupancy reached 98 percent, up 9 percent year on year, with retention levels reaching 94 percent.

The bottom line for the year rose 14 percent year on year to AED1.2 billion supported by revenue growth and efficient cost management.

Revenue surged in the fourth quarter by 11 percent year on year to AED643 million. However, net earnings declined 8 percent annually to AED286 million due to corporate tax and an increase in financing cost amid drawdown of additional facilities for new acquisitions.

• Rental index in Dubai expands to commercial properties
• Tecom profit rises 49% on growing customer demand
• Profit up 15% at Dubai’s free zone operator Tecom

The fair value of the group’s investment properties portfolio, conducted by consultancy CBRE, stood at AED28 billion as of December 31, 2024, representing a like-for-like increase of 11 percent compared to 2023.

Additionally, the board proposed a dividend payment of AED400 million, or 8 fils per share, for the second half of 2024, subject to approval at the annual general meeting scheduled on March 10.

It also reviewed a proposal for an interim cash dividend for the second half of 2025, which is expected to increase by 10 percent.