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Tecom Group registers 15% YoY higher profit in Q1-24

Tecom Group registers 15% YoY higher profit in Q1-24
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TECOM
TECOM
-1.07% 2.78 -0.03

Dubai – Mubasher: Tecom Group posted a 15% year-on-year (YoY) jump in net profit to AED 293 million in the first quarter (Q1) of 2024 from AED 255 million.

Revenues increased by 10% YoY to AED 564 million in Q1-24 from AED 514 million, according to a press release.

The basic and diluted earnings per share (EPS) reached AED 0.06 in the three-month period that ended on 31 March 2024, up from AED 0.05 in the comparative period of 2023.

Abdulla Belhoul, CEO of TECOM Group, said: “We are starting the year on a very strong footing. We achieved a robust financial and operational performance in the first quarter, building on our successes in 2023.”

“We anticipate the demand-induced growth momentum to be sustained for the rest of the year. Our confidence is underpinned by a positive macroeconomic outlook enabled by pro-growth government initiatives, including Dubai’s D33 and the UAE’s Operation 300 billion,” Belhoul noted.

In 2023, Tecom Group logged a 49% YoY surge in net profit to AED 1.07 billion from AED 725.61 million.