Tecom shareholders approve Dhs400 million 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.
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).
The figures reflect the impact of the Group's strategy to further strengthen its core business proposition in Dubai through targeted portfolio expansion and increased operational efficiencies, as well as its robust occupancy and retention rates through 2024.
The Board of Directors has proposed a dividend payment of Dhs400 million (8 fils per share) for the second half of 2024, subject to shareholders' approval at the upcoming Annual General Meeting on 10th March 2025, and in line with the dividend policy valid through the first half of 2025.
The Board of Directors has also reviewed the interim cash dividend for the second half of 2025 which is expected to increase by 10 per cent.
Malek Al Malek, Chairman of Tecom Group, said, 'Tecom Group's strong results in 2024 reaffirm our commitment to leveraging Dubai's robust economic fundamentals and contributing to its knowledge economy by attracting global companies and skilled talent across six key sectors.'
'The Dhs2.7 billion of investments announced through 2024 will further expand the Group's portfolio, enabling its continued sustainable growth and reinforcing its role as a strategic driver in Dubai's business sector. We are investing in Tecom Group's future while delivering exceptional financial results, carefully managing costs, and maintaining high levels of customer satisfaction.'
Abdulla Belhoul, Chief Executive Officer of Tecom Group, said, 'Led by dynamic non-oil GDP growth, Dubai and the UAE are delivering sustained growth across the commercial real estate and the industrial sectors.
'Driven by robust asset performance, strong customer demand, prudent cost management, and increased customer satisfaction, Tecom Group delivered substantial growth across revenue, Ebitda, and property valuation in 2024. Our success through 2024 is demonstrated in our strong share price performance, with a YoY increase of 15 per cent representing positive shareholder returns as well as the sustainable, long-term value of Tecom Group's proposition.'
Revenue increased by 11 per cent YoY to more than Dhs2.4 billion, driven by a 5 per cent YoY rise in occupancy to 94 per cent, an impressive retention rate of 92 per cent, and higher rental rates.
The fair value of the Group's Investment Properties (IP) portfolio, conducted by CBRE, ascertained a fair value of Dhs28 billion as of 31st December 2024, representing a like-for-like increase of 11 per cent compared to 2023 levels and a YoY increase of 22 per cent, including new acquisitions during the year.
In Q4 2024, revenue increased 11 per cent YoY to Dhs643 million, while Ebitda grew by 9 per cent compared to FY 2023, reaching Dhs458 million, with an Ebitda margin of 71 per cent.
Tecom Group earlier announced its financial results for the second quarter (Q2) and first half (H1) of the year ending June 30th, 2024. The Group's H1 net profit grew by 24 per cent to Dhs603 million, with revenues rising 9 per cent year-on-year (YoY) to reach Dhs1.1 billion.
The performance follows solid results reported in the first quarter of the year and reaffirms Tecom Group's role in enabling Dubai's knowledge-based economy by attracting global and regional companies across six vital sectors to its ten specialised business districts.
For H1 2024, outstanding topline growth contributed to a 9 per cent YoY surge in Ebitda, which reached Dhs896 million.
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