TECOM Group shareholders approve $109mln cash dividend for H2 2024
DUBAI - TECOM Group shareholders have approved the financial statements for the year that ended 31st December 2024 as well as the recommendation by the Board of Directors to distribute a cash dividend of AED400 million (8 fils per share) for the second half of 2024, bringing total cash dividends to AED800 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 31st December 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 AED2.7 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 percent year-on-year (YoY) increase in revenues to AED2.4 billion, with occupancy and retention rates of 94 percent and 92 percent, respectively.
Full year net profits grew by 14 percent YoY to AED1.2 billion with funds from operations (FFO) of AED1.6 billion, led by improved collections and income-generating assets' performance.
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