TECOM Group shareholders have approved the company’s 2024 financial statements and the Board of Directors’ recommendation to distribute AED 400 million (8 fils per share) in cash dividends for the second half of 2024. This brings total dividends for the year to AED 800 million (16 fils per share), in line with the company’s approved dividend policy through the first half of 2025.
The announcement was made during TECOM Group’s Annual General Assembly Meeting, where shareholders also re-elected the Board of Directors.
Financial Growth and Investments
- TECOM Group reported an 11% year-on-year (YoY) revenue increase to AED 2.4 billion.
- Net profit grew by 14% YoY to AED 1.2 billion.
- Funds from operations (FFO) reached AED 1.6 billion, supported by strong collections and income-generating assets.
- Occupancy rates stood at 94%, with a 92% retention rate.
Strategic Investments for Long-Term Growth
Malek Al Malek, Chairman of TECOM Group, highlighted the company’s commitment to sustainable expansion, noting that AED 2.7 billion has been invested to drive long-term growth and reinforce TECOM’s role in Dubai’s economic development.
With strong financial performance and continued investment in its business districts and innovation hubs, TECOM remains positioned for steady growth and shareholder value creation in the coming years.
News Source: Emirates News Agency
