Dubai – Mubasher: Tecom Group registered net profits amounting to AED 255.13 million in the first quarter (Q1) of 2023, an annual growth of 34% from AED 190.26 million.
The UAE company posted revenues valued at AED 513.78 million during January-March 2023, up 6% year-on-year (YoY) from AED 485.11 million, according to the consolidated financial results.
Basic and diluted earnings per share (EPS) attributable to the shareholders reached AED 0.05 in Q1-23, versus AED 0.04 in Q1-22.
The total assets hit AED 14.61 billion in the first three months (3M) of 2023, compared to AED 14.55 billion as of 31 December 2022.
Abdulla Belhoul, CEO of TECOM Group, commented: “TECOM Group’s solid Q1 results, are not just a testament to the success of our long-term growth strategy, but also a reflection of the underlying business confidence in Dubai and the thriving business ecosystem in the emirate.”
Belhoul added: “The sustained growth in our occupancy demonstrates the continued demand for our specialised assets and reaffirms Dubai’s position as a global hub for investment, innovation, and entrepreneurship.”
Dividends
Last April, the group distributed dividends worth AED 200 million after obtaining the shareholders’ approval, bringing the total cash dividends for the second half of 2022 (H2) to AED 400 million.
In line with its policy and IPO prospectus, Tecom Group is committed to disbursing an annual dividend amount of AED 800 million over the first three years of being a listed company.
Subject to the shareholders’ approval, the cash dividends for H1-23 will be paid in September 2023.
In 9M-22, the DFM-listed firm witnessed an annual leap of 51.27% in net profit to AED 639.06 million from AED 422.47 million.
