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TECOM group sees 43% surge in its net profits in 2022

Dubai’s most prominent business hub operator has registered record profits for two quarters consecutively

TECOM group sees 43% surge in its net profits in 2022
[Source photo: Anvita Gupta/Fast Company Middle East]

The TECOM group, which handles all the business districts of UAE, has registered a healthy 43% year-on-year profit for the first six months of the year.

The company has announced that the net profit for the second quarter was higher by 54.1% to $64.5 million compared to the same period last year. The profit for the year’s first half clocked at $116.5 million.

The company credited “constructive demand-supply dynamics” and “continued buoyancy in Dubai’s economy and improving business sentiment” for its impressive financial performance.

The company also noted that it experienced higher occupancy rates in commercial and industrial segments. At the same time, customer retention was also higher in the first six months of the year.

“At the end of the period, the consolidated occupancy level at our operating assets was 83%, an encouraging increase from the 78% at the end of December 2021, reflecting the positive business sentiment of our over 7,800 customers,” said Abdulla Belhoul, CEO of TECOM Group.

TECOM, one of Emirates’s most prominent business hub operators, had recently made its Dubai trading debut. The company, whose tenants include Google and Facebook, had raised $454 million in an initial public offering in June.

While the company’s shares fell right after the IPO listing, these results will add a smile to the faces of TECOM’s investors.

Dubai, which recently announced its finance strategy for 2026, is seeing its economy recovering at an impressive rate after bracing the extended impact of the pandemic.

The country is also experiencing an uptick in the job market driven by improved business conditions, better sales and marketing, and the introduction of new projects.

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