TECOM Group Declares AED 400M Dividend for H2 2024
TECOM Group announces a substantial cash dividend, reflecting its robust financial performance in 2024.
Summary
TECOM Group's shareholders approve a AED 400 million cash dividend for H2 2024, highlighting strong financial growth and strategic investments.
TECOM Group P.J.S.C., a key player in Dubai's business landscape, recently announced a significant milestone at its Annual General Assembly Meeting held in Dubai Internet City. The meeting saw shareholders approving a cash dividend of AED 400 million for the second half of 2024, bringing the total dividends for the year to AED 800 million. This decision aligns with the company's approved dividend policy, which remains in place until mid-2025.
Malek Al Malek, Chairman of TECOM Group, expressed gratitude for the investors' confidence, emphasizing the group's strategic role in enhancing Dubai's knowledge economy. He highlighted the group's strong performance in 2024, which facilitated strategic investments amounting to AED 2.7 billion. These investments are targeted at sustainable growth, expanding TECOM's influence and contributing to Dubai's economic success.
TECOM Group's financial results for FY 2024, announced earlier in February 2025, showcased impressive growth. Revenues increased by 11% year-on-year to AED 2.4 billion, with occupancy and retention rates standing at 94% and 92%, respectively. The group's net profits saw a 14% year-on-year increase to AED 1.2 billion, supported by improved collections and the performance of income-generating assets.
The group's strategic expansion across its 10 specialized business districts underscores its commitment to delivering quality solutions and ensuring customer satisfaction. This robust financial performance and strategic foresight position TECOM Group as a significant contributor to Dubai's dynamic business environment.
For investors, TECOM Group presents a stable investment opportunity with its strong financials and strategic growth initiatives. The consistent dividend policy and the group's role in Dubai's economic framework suggest a 'hold' strategy for current investors, allowing them to benefit from future growth and sustained dividends.
Source
Summary
TECOM Group held its Annual General Assembly Meeting at Dubai Internet City, where shareholders approved a cash dividend of AED 400 million for the second half of 2024. This brings the total dividends for 2024 to AED 800 million. The Board of Directors was re-elected, and the financial statements for 2024 were approved. Chairman Malek Al Malek highlighted the group's strong performance in 2024, which included AED 2.7 billion in strategic investments aimed at sustainable growth. TECOM reported a 11% increase in revenues to AED 2.4 billion and a 14% rise in net profits to AED 1.2 billion for 2024, with high occupancy and retention rates. The group continues to focus on expanding its portfolio and enhancing customer satisfaction across its business districts.
