TECOM Group assigns AED 800 million in dividends, boosted by robust 2024 forecasted growth
In a significant development, TECOM Group, a key player in Dubai's economic growth, has announced plans to distribute AED 400 million in cash dividends for the second half of 2024. This decision was made during the company's Annual General Assembly Meeting, as reported by the Emirates News Agency.
The total dividends for the year are set at AED 800 million, a testament to the Group's financial strength and commitment to its shareholders. The Board of Directors, which was re-elected during the meeting, has approved this dividend policy through the first half of 2025.
TECOM Group's financial performance for 2024 has been impressive. The company reported an 11% year-on-year (YoY) increase in revenue, reaching AED 2.4 billion. Net profit grew by 14% YoY, totalling AED 1.2 billion. Funds from operations (FFO) also saw a significant boost, reaching AED 1.6 billion.
Occupancy rates stood at a robust 94%, with a 92% retention rate, indicating the strong demand for TECOM Group's business districts and innovation hubs. The Group continues to invest in these areas, with a focus on sustainable expansion.
Malek Al Malek, Chairman of TECOM Group, has invested AED 2.7 billion for long-term growth, underscoring the Group's commitment to creating shareholder value. These strategic investments position TECOM Group for steady growth in the future.
The announcement comes as TECOM Group reaffirms its role in Dubai's economic development. The investment aims to reinforce the Group's position as a key player in the region's economic growth. No further information about changes in the dividend policy or the re-election of the Board of Directors was provided in this announcement.
Shareholders of TECOM Group have approved the company's 2024 financial statements, signalling their confidence in the Group's financial management and future prospects. TECOM Group remains committed to its mission of fostering innovation and driving economic growth in Dubai.
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