TECOM Group Reports 24% Net Profit Growth in H1 2024, Announces AED400 Million Dividend

TECOM Group has reported a strong financial performance for the second quarter (Q2) and first half (H1) of 2024, ending on June 30.

The Group's H1 net profit surged by 24% to AED603 million, with revenues rising 9% year-on-year (YoY) to AED1.1 billion. The growth was driven by increased occupancy rates in the Group's Commercial, Industrial, and Land assets, which reached over 92% and 96%, respectively.

The Group's EBITDA for H1 2024 grew by 9% YoY to AED896 million, supported by healthy retention rates and new customer acquisitions. In Q2 2024 alone, TECOM's revenues increased by 9% YoY to AED584 million, with net profit rising 35% to AED311 million.

Malek Al Malek, Chairman of the Board of TECOM Group, attributed the strong performance to the UAE's pro-business environment and Dubai's appeal as a global hub for innovation. The Board has approved an interim dividend distribution of AED400 million to shareholders for the first half of the year, to be paid by September 2024. The Group is committed to an annual dividend of AED800 million through September 2025.

Abdulla Belhoul, CEO of TECOM Group, highlighted the Group's focus on providing high-quality offerings and maintaining high occupancy levels across its Grade-A portfolio, which supports six key sectors. The Group's efforts are in line with Dubai's strategy to attract global businesses and talent, ensuring sustained long-term value for shareholders.

News Source: Emirates News Agency