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Dubai business park operator TECOM Group posted a 34% rise in Q1 2023 net profit to 255 million dirhams ($69 million) and expects to see growth continue for the rest of the year.
The results easily topped analysts’ mean profit estimates of AED205.9 million for the quarter, according to data provider Refinitiv.
Revenue grew 6% year-on-year (yoy) to AED 514 million on the back of "sustained occupancy levels and high retention rates", the company said in a regulatory filing to Dubai Financial Market on Wednesday.
The company, which raised AED1.7 billion in an IPO last year and committed to a dividend payout of AED 800 million per annum over the first three years, said the next dividend payment will be in September 2023.
Abdulla Belhoul, CEO of TECOM Group, commented: "Looking ahead, our outlook for the rest of the year is positive, particularly with the prospect of higher rental rates, continued growth in occupancy and the immense potential that the city offers to businesses of all sizes and from all sectors."
(Reporting by Brinda Darasha; editing by Seban Scaria)
