TECOM Group (TECOM) Q4 2024 earnings summary

Executive summary

• Achieved strong financial and operational performance in FY2024, surpassing IPO guidance across key metrics.

• Expanded portfolio through strategic acquisitions and developments, supporting future growth.

• Maintained high occupancy rates and robust cash flow generation, enabling continued dividend payouts.

Financial highlights

• FY2024 revenue reached AED 2,402 million, up 11% year-over-year.

• EBITDA grew 12% to AED 1,854 million, with a margin of 77%.

• Net profit increased 14% to AED 1,228 million; FFO rose 11% to AED 1,643 million.

• Q4 2024 revenue was AED 643 million (+9% YoY), EBITDA AED 458 million (+11% YoY), but net profit declined 1% YoY.

• Recurring free cash flow rose 18% YoY to AED 1.4 billion.

Outlook and guidance

• 2025 guidance targets 9% YoY revenue and EBITDA growth.

• Focus on optimizing core business, developing differentiated value propositions, and building new growth sources.

• Positive outlook for Dubai’s commercial real estate market, supported by economic expansion.