Tecom Group sees 23% higher profits in 9M-24 - Mubasher Info

TECOM
TECOM -2.17% 3.15 -0.07

Dubai – Mubasher: Tecom Group logged net profits amounting to AED 942.67 million in the first nine months (9M) of 2024, higher by 23% than AED 767.54 million in 9M-23.

The revenues stood at AED 1.75 billion as of 30 September 2024, up 10% year-on-year (YoY) from AED 1.59 billion, according to the financial results.

Basic and diluted earnings per share (EPS) attributable to the owners climbed to AED 0.19 in 9M-24 from AED 0.15 in 9M-23.

Income Results for Q3-24

In the third quarter (Q3) of 2024, Tecom Group posted 20% higher net profits at AED 339.63 million, compared to AED 283.03 million a year earlier.

The revenues jumped by 12% to AED 610.90 million in Q3-24 from AED 543.94 million in Q3-23, while the basic and diluted EPS grew to AED 0.07 from AED 0.06.

Abdulla Belhoul, CEO of Tecom Group,  commented: “We have achieved significant growth in revenue and profitability, driven by high occupancy rates across our diversified portfolio of premium commercial, industrial, and land lease assets.”

“This performance further underscores our ability to attract and retain top companies across six vital sectors. Our prudent financial strategies and proactive cost management initiatives have also contributed significantly to our impressive bottom-line performance and enhanced our shareholder value,” Belhoul added.

As of 30 June 2024, the group’s profits hiked by 24% YoY to AED 603.04 million from AED 484.59 million.

Source: Mubasher Source: {{details.article.source}}