Dubai – Mubasher: Tecom Group generated AED 484.50 million in net profit during the first half (H1) of 2023.
The recorded net profits were higher by 13% year-on-year (YoY) than AED 427.53 million, according to the income statements.
Revenues hit AED 1.04 billion in the first six months (6M) of 2023, up 6% YoY from AED 989.41 million.
Meanwhile, the basic and diluted earnings per share (EPS) attributable to the owners went up to AED 0.10 in H1-23 from AED 0.09 as of 30 June 2022.
Financial Results for Q2-23
In the second quarter (Q2) of 2023, the DFM-listed company posted an annual decline of 3% in net profit to AED 229.36 million, compared to AED 237.27 million in Q2-22.
The revenues climbed by 6% to AED 535.08 million in Q2-23 from AED 504.30 million a year earlier, while the basic and diluted EPS attributable to the shareholders remained unchanged at AED 0.05.
Malek Al Malek, Chairman of Tecom Group, indicated: “Tecom Group continued to deliver strong financial and operational performance owed to our dynamic strategy which aims to further increase our occupancy levels across the portfolio while also maintaining prudent capital management.
“Our performance was underpinned by Dubai’s robust economy and its visionary leadership,” Al Malek highlighted.
Dividends
The Chairman stated: “I am pleased to announce that the board has approved an interim dividend distribution of AED 400 million to shareholders for H1-23, to be distributed in September 2023.”
During the three-month period that ended on 31 March 2023, the company’s net profits reached AED 255.13 million, higher by 34% than AED 190.26 million in Q1-22.
