(MENAFN) TECOM Group, a leading entity listed on the Dubai Financial Market, specializing in owning and managing business complexes focused on vital sectors, has reported a noteworthy 15 percent year-on-year increase in net profits for the three-month period ending March 31, 2024, totaling 293 million dirhams (approximately 80 million dollars). This surge in profits follows the group's exceptional financial performance in 2023 and signifies its sustained momentum in the first quarter of 2024. The positive financial results were propelled by robust demand levels from both existing and new customers across all sectors, buoyed by the continued economic growth and government initiatives supporting Dubai's growth and economic diversification.
According to the company's statement, quarterly revenues surged by 10 percent, reaching 564 million dirhams, compared to 514 million dirhams recorded in the corresponding period of 2023. The remarkable revenue growth can be attributed to the group's achievement of record occupancy rates, standing at an impressive 91 percent across its portfolio. This surge in occupancy rates underscores the strong demand from customers across diverse sectors, driving revenue growth and reaffirming TECOM Group's position as a preferred destination for businesses seeking specialized facilities and services.
TECOM Group also reported a 10 percent year-on-year increase in EBITDA, reaching 439 million dirhams, with a margin of 78 percent. This improvement in EBITDA reflects the group's continued focus on enhancing operational efficiency and optimizing its business processes. Moreover, the group's customer base surpassed 11,000 customers, demonstrating robust customer retention rates across its sectors and attracting significant interest from leading international and regional companies.
The strong financial performance of TECOM Group in the first quarter of 2024 underscores its resilience and agility in navigating dynamic market conditions. With a strategic focus on delivering value-added services and maintaining high occupancy rates, the group remains well-positioned to capitalize on emerging opportunities and drive sustained growth in the evolving business landscape of Dubai.
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