Dubai: Dubai's Tecom Group, the entity being the Internet and Media cities, recorded revenue gains of 6 per cent to Dh514 million - but what's more impressive is the 34 per cent gain in net income to Dh255 million for the first three months of 2023.
"The sustained growth in our occupancy demonstrates the continued demand for our specialised assets and reaffirms Dubai’s position as a global hub for investment, innovation, and entrepreneurship," said Abdulla Belhoul, CEO.
We believe we are well positioned to continue to capitalise on the booming real estate market in Dubai.
Tecom was one of the IPOs Dubai launched in 2022, and of late, the stock has been in a bit of a comeback mode on DFM. And what Belhoul has to say about the next set of quarters should please shareholders.
The Tecom stock is at Dh2.42 while the highest to date has been Dh2.7. The lowest was Dh2.39.
"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," the CEO said.
Across its commercial real estate, Tecom entities - the likes of Dubai Internet City, Media City, d3 and Industrial City - had a combined occupancy of 87.1 per cent against 80.6 per cent a year ago.
Tecom Group is to paying a dividend of Dh800 million a year for each of the first three years after being listed. The next payment will be distributed in September and cover the first-half of 2023.