TECOM Group (TECOM) Q4 2024 earnings summary

Executive summary

• Achieved strong financial and operational performance in FY2024, surpassing IPO guidance and delivering record revenue of AED 2,402 million and net profit of AED 1,228 million, driven by portfolio performance and cost optimization.

• Board recommended a cash dividend of AED 400 million (AED 0.08 per share) for H2 2024, subject to shareholder approval.

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

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

• Total assets reached AED 16,291 million, with total equity of AED 6,708 million and total liabilities of AED 9,583 million as of 31 December 2024.

Financial highlights

• FY2024 revenue reached AED 2,402 million, up 11% year-over-year; net profit increased 14% to AED 1,228 million.

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

• Gross profit reached AED 1,552 million, up from AED 1,413 million year-over-year.

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

• Operating cash flow was AED 1,822 million, up from AED 1,631 million.

Outlook and guidance

• 2025 guidance targets 9% YoY revenue and EBITDA growth, with continued demand for infrastructure, real estate, and commercial space supported by UAE's economic growth.

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

• Emphasis on operational excellence, financial resilience, and tailored customer solutions for sustainable growth.

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