Tecom Group said its shareholders have approved the financial statements for FY 2024 as well as the recommendation by the board of directors to distribute a cash dividend of AED400 million ($109 million) - accounting for 8fils per share - for the second half of 2024.

 

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 December 31, 2024.

 

With this approval, the total cash dividends from Tecom have risen 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.

 

Lauding the move, Chairman Malek Al Malek 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 has announced a 11% year-on-year (YoY) increase in revenues which soared to AED2.4 billion, with occupancy and retention rates of 94% and 92%, respectively.

 

Full year net profits grew by 14% YoY to AED1.2 billion with funds from operations (FFO) of AED1.6 billion, led by improved collections and income-generating assets' performance.-TradeArabia News Service