TECOM Group reports AED2 bn in revenues in 2022, highest in 22 years

TECOM Group reports AED2 bn in revenues in 2022, highest in 22 years

DUBAI, 10th February, 2023 (WAM) -- TECOM Group today announced a 12 percent year-on-year (YoY) increase in revenues to AED1.97 billion and a record 28 percent YoY increase in net profit to AED725.62 million for the financial year ended 31st December 2022 (FY 2022).

The results showed strong demand for the Group's commercial and industrial properties, supported by Dubai's strong macroeconomic environment and buoyant business and consumer confidence.

Malek Al Malek, Chairman of TECOM Group, said, "Since our successful IPO in July 2022, TECOM Group continued to realise unparalleled achievements, demonstrating solid results and rewarding shareholders with attractive returns.

"As per our declared dividend policy, we have distributed AED200 million in cash dividends to our shareholders in November 2022. Following our exceptional FY 2022 performance, the Board of Directors has recommended an interim dividend payment of AED200 million to be distributed in April 2023, which will bring the total dividend to AED400 million for the second half of 2022.

"We remain committed to distributing a total dividend of AED 800 million per annum in our first three years of being a listed company, subject to the Board of Directors and General Assembly required approval."

Abdulla Belhoul, Chief Executive Officer of TECOM Group, said, "The strong