DUBAI: TECOM Group recorded a 54 percent increase in its net profit in the second quarter due to the “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 percent during its second quarter.
Its net profit in the first half of 2022 rose by more than 43 percent to 427.5 million dirhams, while revenue increased by nearly 16 percent to 989.4 million dirhams.
Mansion sold
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.
The mansion was sold at 7,775 dirhams per sq. ft., making it one of the rare transactions on the island, according to Luxhabitat Sotheby’s.
The price per sq. ft. at Jumeirah Bay Island rose by 44.3 percent from the first quarter to the second.