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In the first nine months of 2023, Dubai-based Tecom Group, listed on the DFM, displayed significant financial growth. The company reported a 20% increase in net profits to AED 767.54 million and a 7% rise in revenues to AED 1.58 billion. Additionally, an improved EPS of AED 0.15 was noted, and the company’s total assets grew to AED 14.66 billion. In Q3-2023 alone, Tecom reported a net profit of AED 283.03 million, revenues of AED 540.87 million, and an EPS of AED 0.06.
CEO Abdulla Belhoul attributed this growth to their business model that ensures full capacity across ten business districts and a balance of long-term and short-term leases, which provides revenue stability and visibility. The company also benefited from lease renewals and new clients.
On the other hand, the National Corporation for Tourism and Hotels (NCTH), listed on the ADX, saw minor growth in net profits to AED 40.85 million during the January-September 2023 period. However, operating revenue declined year-on-year from AED 535.07 million to AED 485.59 million, with basic and diluted EPS steady at AED 0.05. The company’s total assets were nearly AED 2.82 billion, marginally less than AED 2.83 billion at the end of 2022.
In Q3-23 alone, NCTH’s net profits and revenues dropped compared to the same period in the previous year, but it reported a year-on-year net profit increase to AED 35.87 million for the six-month period concluding in June 2023.
Meanwhile, e&’s net profits rose to AED 7.68 billion from AED 7.34 billion in the same period in 2022, and revenues increased slightly to AED 40.01 billion from AED 39.29 billion. The EPS grew to AED 0.88 from AED 0.84, although total assets fell to AED 139.51 billion from AED 145.08 billion at the end of last year.
In Q3-23 alone, e& saw a YoY profit increase of 20% and revenue growth of 3.30%, with the basic and diluted EPS rising to AED 0.34 from AED 0.29, despite a quarterly revenue decline of 1.60% compared to Q2-23 when profits were at AED 2.52 billion. CEO Hatem Dowidar credited this robust performance to resilience, a commitment to value, sustainable mobility, and AI-powered solutions, aiming to digitally empower societies.
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