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Dubai business park operator TECOM Group, which raised $463 million in an IPO last year, reported a Q4 2022 net profit of 87 million dirhams ($24 million) on robust demand for its commercial and industrial properties.
Full-year earnings came to AED725.6 million, up 28% year-on-year (y-o-y), the company said in a regulatory filing on Dubai's DFM exchange on Friday.
However, the results missed the analysts’ median profit estimates of AED185.6 million for Q4 as compiled by data provider Refinitiv.
Revenue for the latest quarter increased by 4% YoY to AED493.66 million due to an increase in new customers as well as growth in occupancy rates, the company said. FY 2022 revenue was up 12% YoY to AED1.97 billion.
TECOM's board of directors has recommended a dividend payment of AED200 million (4.0 fils per share) in April 2023, bringing the total for H2 to AED400 million.
The fair value of TECOM's investment property portfolio rose by 9.7% since March 2022 from AED19.41 billion to AED21.29 billion
Abdulla Belhoul, CEO of TECOM Group, said he expects sustained growth in rental rates and occupancy levels for the foreseeable future. "We will also continue to look at developing existing and new assets to improve our offering," he added.
(Writing by Brinda Darasha; editing by Daniel Luiz)
