UAE Business: Tecom approves $54.45m interim cash dividend – Gulf Digital News

UAE Business: Tecom approves $54.45m interim cash dividend – Gulf Digital News

Tecom Group, the creator of specialised business districts and vibrant communities, has announced shareholder approval for the proposed interim dividend payment of AED200 million ($54.45 million) (4.0 fils per share). The announcement came following its first General Assembly Meeting since listing on the Dubai Financial Market (DFM) on July 5, 2022.

The group reported strong financial performance for the first nine months of 2022, with net profit increasing 51% year-on-year (YoY) to AED639 million. These robust results were underpinned by the double-digit growth in revenue driven by high occupancy levels, lower operational expenses due to operational efficiency measures and lower financial costs thanks to prudent financial management.

The cash distribution is in line with the group’s previously announced dividend policy of distributing AED800 million annually, to be made in semi-annual payments, to shareholders through to October 2025. All matters related to future dividend distribution will be subject to Board of Director’s recommendation and shareholders’ approval.

Strong performance

Malek Al Malek, Chairman of Tecom Group, said: “Tecom Group has maintained its strong performance since the start of the year in line with the sharp rise in demand in the commercial and industrial real estate market in Dubai. This buoyancy is underpinned by the economic expansion