Dubai's Tecom Reports 34% Increase in Q3 Profit on Strong Demand for Commercial Properties; OCP Group's Revenue Declines in Q3 2023

Tecom, the operator of business districts in Dubai, reported a 34% increase in its third-quarter profit due to strong demand for commercial properties. The profit increase was driven by revenue growth, reduced operational expenses, and lower financing costs. Third-quarter revenue increased by 10% and EBITDA rose by 13% compared to the same period last year. Tecom's net profit in the first nine months of the year increased by over 20% to Dh768 million. The company's business districts are almost at full capacity, with existing customers renewing leases and new customers coming on board. Tecom plans to develop new storage and logistics complexes in Dubai Science Park to meet the surge in demand for Grade A storage and logistics space. [861d8d56]


The OCP group reported a revenue of 61 billion dirhams at the end of September 2023, compared to nearly 89 billion dirhams the previous year. The decrease is attributed to a decline in selling prices. The results show a strong profitability rebound in the third quarter, driven by improved prices and increased demand. The revenue from fertilizers decreased by 28% due to lower prices, but this was partially offset by increased export volumes. The EBITDA was 17.179 billion dirhams, and investment expenses were 17.830 billion dirhams. The company expects the favorable market conditions to continue in the fourth quarter. [abbc4533]