DUBAI, Aug 04 (Arab News): TECOM Group recorded a 54 per cent increase in its net profit in the second quarter due to "continued buoyancy" in the economic climate of the emirate, according to a statement issued by the Dubai Media Office.
In the three months that ended in June, profits rose to 237 million dirhams ($64.5 million), compared to 153.9 million dirhams a year earlier.
On July 5, the group made its stock market debut on the Dubai Financial Market after raising 1.7 billion dirhams through its initial public offering. The company also reported a growth in revenue of nearly 18 per cent during its second quarter.
Its net profit in the first half of 2022 rose by more than 43 per cent to 427.5 million dirhams, while revenue increased by nearly 16 per cent to 989.4 million dirhams.
A four-bedroom Bvlgari Mansion in Jumeirah Bay Island has been sold by Luxhabitat Sotheby's International Realty for 55 million dirhams ($14.97 million), according to a statement.
Dubai's economy drives Tecom Group's profits up 54 per cent
FE Team | Published: August 05, 2022 00:07:55
Dubai's economy drives Tecom Group's profits up 54 per cent
Share if you like