Dubai – Mubasher: The shareholders of Tecom Group agreed to distribute a cash dividend of AED 400 million, equivalent to 8 fils per ordinary share, for the second half (H2) of 2023.
The annual general assembly meeting greenlighted the dividends proposal for H2-23, bringing the total amount of dividend distributions for 2023 to AED 800 million.
The approved dividends align with the group’s policy to pay out a total dividend amount of AED 800 million annually through September 2025.
Malek Al Malek, Chairman of Tecom Group, said: “The group remains at the forefront of innovation, delivering on its role as a strategic business enabler of Dubai, while ensuring we continue to deliver superior value to our shareholders.”
Tecom Group reported a strong financial and operational performance in 2023, with revenues growing by 10% year-on-year (YoY) to AED 2.20 billion and an annual hike of 49% in net profit to an all-time high of AED 1.07 billion.
The DFM-listed company also maintained a robust balance sheet as well as an increase in its funds from operations (FFO) and recurring free cash flow (RCFC).
As of 31 December 2023, the occupancy rate for the commercial and industrial portfolio hit 89%, while the occupancy rate of land leases jumped to 94%.
Furthermore, the group’s international and regional marquee customer base rose by 15% to reach 11,000 customers.
