02/05/2025 09:19 AST
Dubai's Tecom Group has come up with net profits of Dh360.8 million for the January to March 2025 period, and quite a healthy gain on the Dh292.5 million from the year ago status.
The company, one of Dubai's biggest names in the commercial real estate space. Has in recent quarters been a major beneficiary from the sustained demand for offices, warehousing and industrial space in the emirate. It's Dubai Industrial City, in particular, continues to rope in significant investments from tenants, while Dubai Design District (better known as d3) is in an expansion mode.
A Tecom statement acknowledges the investment-linked gains. The 'group's strategic roadmap for expansion and sustainable growth led to revenues of Dh680 million, representing year-on-year growth of 21%," it said.
Across its various economic zones, Tecom's customer base was higher by 6% to over 12,000 entities in Q1-2025, 'supported by strong demand for commercial, industrial, and land lease assets'.
A Dh100 million+ gain
The Q1-25 top-line is more than Dh100 million over the tally a year ago.
On DFM, the stock is at Dh3.09, after it dropped 0.9% on Thursday (May 1). The 52-week high is Dh3.4.
"These results highlight how our ecosystems are powering growth in the city's priority economic sectors," said Abdulla Belhoul, CEO of Tecom Group.
"Our impressive Q1-2025 performance reinforces Tecom Group's leading role in curating Dubai's most dynamic and pro-growth business districts as well as our strategic roadmap for sustainable growth."
In the recent past, Tecom has been adding new investments and going for deals to add to its offices and new-built options.
At d3, for instance, there will be six additional Grade A buildings, together creating over 500,000 square feet of leasable area and ready by H1-2028. The intent is to make d3 a 'destination of choice for creative minds from around the world'. It was in August last that Tecom confirmed the Dh825 million investment in that hub.
At Dubai Industrial City, more than Dh350 million of investments came in from F&B businesses in 2024.
Gulfnews
Please wait...
