TECOM Group PJSC (DFM: TECOM), (the "Company" or the "Group"), the creator of specialised business districts and vibrant communities, today announced its financial results for the second quarter (Q2) and first half (H1) of the year ended 30 June 2024. The Group's H1 net profit grew by 24% to AED 603 million, with revenues rising 9% year-on-year (YoY) to reach AED 1.1 billion.

The performance follows solid results reported in the first quarter of the year and reaffirms TECOM Group's role in enabling Dubai's knowledge-based economy by attracting global and regional companies across six vital sectors to its 10 specialised business districts.

Malek Al Malek, Chairman of the Board, TECOM Group, said: "The UAE's and Dubai's pro-business framework has strengthened the local knowledge and innovation-based economy, and TECOM Group is leveraging our city's robust fundamentals to support the growth of global businesses in the Emirate. The Group's first-half financial results demonstrated the success of our prudent capital management and future-focused business strategy. In recognition of this achievement, TECOM Group's Board approved an interim dividend distribution of AED 400 million to shareholders for the first half of this year. We are committed to strengthening our portfolio and continuing to deliver sustainable shareholder value."

Abdulla Belhoul, Chief Executive Officer of TECOM Group, said: "As Dubai reaffirms its position on the global map as a destination of choice for foreign direct investment, TECOM Group is enriching the homegrown knowledge economy by consistently enhancing the ease of doing business and contributing to the city's commercial real estate, which continues to outperform global peers.

Our commitment to delivering high-quality offerings for investors and talent from around the world is reflected in the Group's first-half performance, with high occupancy levels across our Grade-A portfolio serving six priority sectors. Dubai remains a global magnet for the world's leading innovators and investors, and we are harnessing the city's appeal to continue generating long-term value for our shareholders.”

See the financial report in detail https://bit.ly/4d1J0CO

Source TECOM Group