Dubai – Mubasher: The annual general assembly meeting (AGM) of Tecom Group approved the board’s recommendation to distribute a cash dividend of AED 400 million or 8 fils per share for the second half (H2) of 2024.
This brings the full-year cash dividends to AED 800 million or 16 fils per share, in line with the approved dividend policy in place until the end of H1-25, according to a press release.
Malek Al Malek, Chairman of Tecom Group, said: “This includes AED 2.70 billion of investments to deliver sustainable growth as we continue to expand and contribute to Dubai’s economic success whilst providing increased returns for our shareholders.”
“We appreciate the continued trust of our investors in Tecom Group, and their recognition of our perfectly placed position to contribute to and benefit from Dubai’s knowledge economy and hub for global investors and talent.”
Tecom Group announced its financial results for 2024, registering 11% year-on-year (YoY) higher revenues at AED 2.40 billion with occupancy and retention rates of 94% and 92%, respectively.
Full-year net profits grew by 14% YoY to AED 1.20 billion, with funds from operations (FFO) of AED 1.60 billion, led by improved collections and income-generating assets’ performance.
