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Dubai Holding subsidiary Tecom Group has announced a second quarter profit of AED 229 million ($62 million), down from the AED 237 million posted during the same time last year.
The company has proposed a dividend payment of AED 400 million, or four fils per share.
Dubai Financial Market (DFM) statements showed revenue for the quarter at AED 535 million, up from AED 504 million year-on-year (YoY).
The company hailed its H1 2023 revenue, which climbed to AED 1.048 billion from AED 989 million last year. Profit for the half was AED 484 million, up from AED 427.5 million in 2022.
Tecom, which is a real estate subsidiary of the Dubai Holding conglomerate, said its occupancy levels as of June 30 2023 were 87%, up from 82% at June 30 2022, with more than 10,000 customers, up from 8,500.
CEO Abdulla Belhoul said: “Commercial real estate in Dubai is growing at a steady pace owing to Dubai’s appeal as a global city to businesses, talent and investors alike and to its macroeconomic resilience.”
(Writing by Imogen Lillywhite; editing by Seban Scaria)
