TECOM Group FY 2024 net profit grows 14% to AED 1.2 billion driven by record revenue and strong performance across all business segments

   FY 2024 revenue increases 11% YoY to a record AED 2.4 billion, driven by high occupancy rates of 94% and retention rates of 92%

·         FY 2024 EBITDA increases 12% YoY to reach AED 1.9 billion, reflecting strong operational performance across all business segments

·         FY 2024 net profit grows 14% YoY to AED 1.2 billion, driven by record revenue as the Group continues to benefit from enhanced operational efficiencies and ongoing prudent financial management

·         Funds from operations (FFO) exceed AED 1.6 billion due to an increase in revenue and operational efficiencies

·         Group’s asset portfolio expands through strategic acquisitions and development projects totalling AED 2.7 billion through 2024

·         Fair value of Group’s Investment Property (IP) Portfolio increases by 11% on like-for-like basis and by 22% inclusive of new acquisitions to reach AED 28 billion in 2024

·         Board of Directors proposes dividend payment of AED 400 million (8 fils per share) for the second half of 2024, subject to shareholder approval at its upcoming Annual General Meeting to be held on 10 March 2025