Press releases, Reports & Disclosures for TECOM GROUP P.J.S.C.

The text is an introduction to the Management Discussion & Analysis section of the 2023 Financial Results report for Tecom Group PJSC.

The TECOM Group PJSC Annual Report 2023 discusses the company's efforts in establishing prosperous ecosystems and delivering sustainable growth. The report is aimed at individuals interested in finance and investing, and is shared on a finance platform with social functionality.

The TECOM Group PJSC has issued a disclosure clarifying the appointment of proxies to attend its General Assembly meeting. The company informed shareholders that a shareholder with the right to attend the General Assembly can delegate someone other than the board members, the company’s employees, or a securities brokerage company or its employees, to attend on his/her behalf. This delegation must be done through a written special proxy, which clearly states that the representative can attend the meeting and vote. A delegated person for multiple shareholders cannot represent more than 5% of the company’s issued capital. Those lacking legal capacity must be represented by their legal representatives. The shareholder’s signature on the proxy must be approved by a notary public, a chamber of commerce or an economic department in the UAE, a bank or company licensed in the UAE (provided the principal has an account with them), the licensed financial market in the UAE, or any other authority licensed to perform the authentication activity.

TECOM Group has reported a record net profit of AED 1.1 billion for FY 2023, a 49% increase from the previous year. This was driven by strong performance across all business sectors. The company's revenue also grew by 10% YoY, reaching AED 2.2 billion, due to high occupancy rates across its portfolio. EBITDA increased by 23% YoY to AED 1.7 billion, with margins expanding to 76% from 68% in 2022. Funds from operations reached AED 1.4 billion, up 21% YoY. The market value of the Group’s real estate investments portfolio increased by 7.7% YoY to reach AED 22.9 billion. The Board of Directors has proposed a dividend payment of AED 400 million in April 2024, subject to shareholder approval.

The document contains confidential reports and consolidated financial statements for Tecom Group PJSC and its subsidiaries for the year ending on 31st December 2023.