Tecom revenue jumps 12% to reach AED1.97 billion in 2022

Tecom revenue jumps 12% to reach AED1.97 billion in 2022

Local News, Uncategorized















Dubai / WAM

Tecom group on Friday announced a 12% year-on-year (YoY) increase in revenues to AED1.97 billion and a record 28% YoY increase in net profit to AED725.62 million for the financial year ended December 31, 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 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 AED800 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