Tecom Group has announced that its shareholders have approved the financial statements for FY 2024, along with the board of directors’ recommendation to distribute a cash dividend of AED400 million ($109 million), which translates to 8 fils per share, for the second half of 2024.
This announcement was made during the company’s Annual General Assembly Meeting, where shareholders also re-elected the Board of Directors and approved the financial results for the year ending December 31, 2024.
With this approval, Tecom Group’s total cash dividends for 2024 now amount to AED800 million (16 fils per share), aligning with the company’s approved dividend policy, which is set to continue through the first half of 2025.
Chairman Malek Al Malek expressed his satisfaction with the company’s performance, stating: “Tecom Group’s strong results in 2024 have enabled us to make strategic investments, including AED2.7 billion dedicated to sustainable growth. This positions us well to further expand and contribute to Dubai’s economic success while providing enhanced returns for our shareholders.”
Tecom Group reported an 11% year-on-year (YoY) increase in revenue, which surged to AED2.4 billion, alongside strong occupancy and retention rates of 94% and 92%, respectively. The company’s net profits for the full year rose by 14% YoY, reaching AED1.2 billion, while funds from operations (FFO) totaled AED1.6 billion, driven by improved collections and the strong performance of income-generating assets.
