Dubai – Mubasher: The net profits of Tecom Group hiked by 51.27% year-on-year (YoY) to AED 639.06 million in the first nine months (9M) of 2022, compared to AED 422.47 million.
Revenues totalled AED 1.47 billion in 9M-22, higher by 14.67% than AED 1.29 billion during the same period a year earlier, according to the financial results.
The basic and diluted earnings per share (EPS) stood at AED 0.19 in the January-September 2022 period.
During the third quarter (Q3) of 2022, the net profits widened by 70.25% YoY to AED 211.52 million from AED 124.24 million, while the revenues jumped by 12.48% YoY to AED 490.29 million from AED 435.87 million.
Meanwhile, the basic and diluted EPS settled at AED 0.04 in Q3-22.
Abdulla Belhoul, CEO of Tecom Group, said: “Our strong revenue and profit growth since the start of the year and our particularly remarkable performance in Q3 is a testament to the group’s ability to effectively deliver on its growth strategy to drive net asset value growth and maximise shareholder returns.”
Belhoul added: “With a well-balanced portfolio and complementary comprehensive service offering, we remain optimistic in our ability to maintain a robust financial performance in light of global market uncertainty and will continue to contribute to strengthening Dubai’s position as an attractive global business and talent hub.”
In the January-June 2022 period, the DFM-listed firm achieved net profits of AED 427.53 million, an annual hike of 43.40% from AED 298.22 million.
