Tecom shareholders approve Dhs400m cash dividend for H2

Tecom Group shareholders have approved the financial statements for the year that ended December 31st, 2024 as well as the recommendation by the Board of Directors to distribute a cash dividend of Dhs400 million (8 fils per share) for the second half of 2024, bringing total cash dividends to Dhs800 million (16 fils per share), in line with the approved dividend policy in place until the end of the first half of 2025.

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The announcement came during the Annual General Assembly Meeting, where shareholders re-elected the Board of Directors and approved the financial statements for the year that ended Dec. 31st, 2024.

Malek Al Malek, Chairman of Tecom Group, said, "Tecom Group's strong performance through 2024 has allowed us to implement our strategic investments. This includes Dhs2.7 billion of investments to deliver sustainable growth as we continue to expand and contribute to Dubai's economic success whilst providing increased returns for our shareholders."

Tecom Group announced an 11 per cent year-on-year (YoY) increase in revenues to Dhs2.4 billion, with occupancy and retention rates of 94 per cent and 92 per cent, respectively.

Full year net profits grew by 14 per cent YoY to Dhs1.2 billion with funds from operations (FFO) of Dhs1.6 billion, led by improved collections and income-generating assets’ performance.

Tecom Group announced last month a record Dhs2.4 billion in revenue, representing an 11 per cent year-on-year (YoY) increase, resulting in a 14 per cent YoY increase in net profit to Dhs1.2 billion for the financial year ended 31st December 2024 (FY 2024).