Tecom Group’s net profit up 34% in Q1 ...United Arab Emirates

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Tecom Group’s net profit up 34% in Q1
Tecom Group said that it has observed its first quarter (Q1) net profit jump 34% to US $69mn, boosted by a growth in occupancy rates at its properties. The company reported a 6% year-on-year (YoY) increase in revenues to $140mn. Meanwhile, its EBITDA increased 14% to $109mn, primarily driven by top line growth and lower operational expenses, a statement explained. The net profit increase was underpinned by strong growth in revenues, enhanced operational efficiencies and sustained growth across all business segments. Funds from operations (FFO) reached $98mn, a 44% increase on Q1 2022, due to strong collections and continued high levels of customer retention. Tecom Group shareholders have app

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