The group says in a press release that it recorded a 6% increase in its revenues on an annual basis, to reach 514 million dirhams (about 140 million dollars), and a 34% increase in its net profits compared to the first quarter. 2022, to reach 255 million dirhams (approximately $69.5 million). ).
The group attributed the revenue growth to the continued increase in occupancy levels and the high percentage of customer retention.The increase in occupancy rates of commercial and industrial assets continued for the fifth consecutive quarter , reaching 87%, and an increase of 7% compared to the first quarter of 2022.
Tecom said it recorded strong growth in operating cash flow to reach 359 million dirhams, an increase of 44%, compared to the first quarter of 2022.
The group decided to distribute cash dividends of 200 million dirhams in April 2023, bringing the total dividends paid to shareholders for the second half of 2022 to 400 million dirhams.
Operational Highlights
During the first quarter of 2023, TECOM Group experienced many operational achievements, including:
• Global pharmaceutical company AstraZeneca announced plans to relocate to Dubai Science Park with the establishment of new sustainable offices ahead of the COP 28 climate conference. • The successful launch of the first edition of Dubai Fashion Week, which recorded a growth in the volume of confirmation requests of 55% compared to those recorded during Al-Arabi Fashion Week, organized in March 2022. The opening of the first regional branch of the French University of Business Administration “EM Normandy” at Dubai Knowledge Park. first factory of its kind to manufacture all-vegetarian meat in the Middle East, under the name of ‘Thrive’ in Dubai Industrial City The ‘Silver Line Gate’ group, one of the largest companies specializing in the manufacture of milk and related products in the region, announced the establishment of a factory with an investment value of 200 million dirhams in the industrial city of Dubai, in accordance with the Dubai Economic Agenda D33 and the national strategy for security food in the country. The UAE and the “Make in the UAE” initiative • Al-Khayyat Investment Company lays the foundation stone for the construction of the largest distribution and fulfillment center to be established by the company in the industrial city of Dubai.
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