TECOM Group's Q3 Net Profit Rises 11.6% to $113.5 Million on Asset Demand

TECOM Group's third-quarter net profit reached AED 416.6 million ($113.5 million), up 11.6% from AED 373.2 million ($101.7 million) a year earlier, helped by higher occupancy and steady demand for commercial and industrial property in Dubai.

Revenue for the quarter climbed 12% to AED 809 million ($220.3 million), against AED 724 million ($197.2 million) in the same period of 2025. Growth came from commercial and industrial assets and from the land leasing portfolio.

Commercial assets produced AED 390 million ($106.3 million) in revenue, a 6% increase. Industrial assets brought in AED 125 million ($34.1 million), up 11%. Land leasing revenue jumped 35%. Occupancy across the commercial and industrial portfolio stood at 97% at the end of the quarter.

Recurring net profit was AED 417 million ($113.6 million), 12% ahead of the AED 373 million ($101.6 million) booked a year earlier.

Nine-month figures

For the first nine months of 2026, revenue rose 11% to AED 2.35 billion ($640.1 million) from AED 2.11 billion ($575.8 million). Net profit was AED 1.22 billion ($332.8 million), up 10%. Recurring net profit matched that at AED 1.22 billion ($332.7 million), also up 10%.

Operating cash flow generated AED 1.6 billion ($436 million), an 11% increase. Customer retention improved to 95% from 93% a year earlier.

Commercial asset revenue for the nine months came to AED 1.2 billion ($327 million), up 10%, with demand for Grade A office space and a rise in leased floor area behind the gain. Industrial assets generated AED 365 million ($99.5 million), up 13%, at 98% occupancy. Land leasing contributed AED 563 million ($153.4 million), up 26%, lifted by tenant demand and the expansion of the industrial portfolio.

Portfolio and expansion

CEO Abdulla Belhoul credited the group's business model, its mix of commercial and industrial properties, and the effect of expansion on both earnings and customer numbers. He said TECOM would keep adding assets across its key sectors with sustainable shareholder returns in view.

TECOM develops business districts across technology, education, media, design, industry and science, and owns 10 districts in Dubai. Its stock in trade is offices, warehouses, co-working space and leased land.

During the period, Dubai Internet City signed a cooperation agreement with Luxinnovation, Luxembourg's national innovation agency, to build international ties and exchange knowledge. Dubai Science Park worked with the Emirates Drug Establishment on a meeting of science-sector executives focused on innovation and the UAE's pharmaceutical industry. Dubai Industrial City held a groundbreaking for Talal Group's new central distribution facility, which supports the expansion of industrial and logistics activity in the emirate.

TECOM placed 85th on a 2026 ranking of the Middle East's 100 most valuable companies.

With occupancy at 97% and retention above 90%, growth for a landlord of this kind has to come from new buildings and higher rents on renewals rather than from filling empty floors. That puts more weight on the land leasing book, which grew by more than a third in the quarter, and on the industrial build-out than their share of revenue alone would suggest.