Tecom Group logged net profits valued at AED 767.54 million in the first nine months (9M) of 2023, an annual surge of 20% from AED 639.06 million.

Revenues stood at AED 1.58 billion during January-September 2023, up 7% year-on-year (YoY) AED 1.47 billion, according to the income statements.

Basic and diluted earnings per share (EPS) attributable to the shareholders increased to AED 0.15 in 9M-23 from AED 0.13 a year earlier.

Total assets amounted to AED 14.66 billion in 9M-23, versus AED 14.55 billion as of 31 December 2022.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the DFM-listed company recorded a 34% YoY leap in net profit to AED 283.03 million, compared to AED 211.52 million.

The revenues grew by 10% to AED 540.87 million in Q3-23 from AED 490.29 million in Q3-22, while the basic and diluted EPS rose to AED 0.06 from AED 0.04.

Abdulla Belhoul, CEO of Tecom Group, said: “Our 10 business districts are almost near full capacity, with our existing customers continuing to renew their leases with us and new customers coming on board.”

“Furthermore, our business model, which includes a balance between long-term and short-term leases, enables us to take advantage of rising prices while providing us with greater revenue stability and visibility,” Belhoul underlined.

In the first half (H1) of 2023, the group’s net profits climbed by 13% to AED 484.50 million from AED 427.53 million in H1-22.

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