Tecom approves AED200m cash dividend for H2 2022

Tecom approves AED200m cash dividend for H2 2022

Local News, Uncategorized















DUBAI / WAM

Tecom group has approved the group’s financial statements for the year ended December 31, 2022. The Board of Directors approved to distribute a cash dividend of AED200 million in April 2023, bringing the total amount of dividend distributions for the second half of 2022 to AED400 million.

The announcement came during the annual general assembly meeting at Dubai Internet City on Tuesday.

The approved dividend distribution is in line with the group’s previously announced dividend policy of issuing AED800 million annually, to be distributed in semi-annual installments, to shareholders through to September 2025. All matters related to future dividend distribution will be subject to the Board of Directors’ recommendation and shareholders’ approval.

Malek Al Malek, Chairman of Tecom group, said, “Today’s dividend announcement reflects our ongoing confidence in Tecom group’s growth prospects and recognises the group’s strong financial position at the end of 2022. Buoyant consumer confidence and an increase in demand for commercial and industrial real estate in Dubai have positively contributed to our strong cash-flow generation.”

Tecom group reported strong financial results for the year ended December 31, 2022, with revenues reaching AED1.97