The group’s shareholders approved the board’s recommendation to distribute the dividend in April 2023
Dubai’s Tecom Group has approved a Dhs200m cash dividend for the second half of 2022 at its annual general assembly meeting.
During the meeting held at Dubai Internet City on Tuesday, shareholders approved the group’s financial statements for the year ended December 31, 2022, as well as the board of directors’ recommendation to distribute the aforementioned dividend in April 2023.
This would bring the total amount of dividend distribution for the second half of 2022 to Dhs400m – in line with the previously announced dividend policy of issuing Dhs800m annually, to be distributed in semi-annual instalments through to September 2025, Tecom Group said on Wednesday.
“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,” said Malek Al Malek, chairman of Tecom Group.
“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. When combined with favourable government strategies and initiatives which continue to enhance the ease of doing business and attract greater foreign direct investment, we can continue to realise unparalleled achievements and reward our shareholders with attractive and sustainable returns.”
Tecom Group’s portfolio of business districts include Dubai Internet City, Dubai Studio City, Dubai Production City, Dubai Industrial City, Dubai Science Park, Dubai Knowledge Park, Dubai International Academic City, and Dubai Design District (d3).
The group reported Dhs1.97bn in revenues in 2022, its highest in 22 years, while its net profit increased 28 per cent year-on-year to reach Dhs725.62m. Over the year, more than 1,700 new customers joined the business districts that cater to six different strategic sectors – technology, media, education, science, design and industrial.
At 2022 year-end, the occupancy level for commercial and industrial assets stood at 86 per cent.
TECOM Group’s first Annual Report (FY 2022) is now available: https://t.co/aTxJqkEWLJ
Our CEO, Abdulla Belhoul, reflects on the strong results achieved in our first year as a publicly listed company.
We are poised for another strong year in 2023. pic.twitter.com/oMD8yrtYYC
— TECOM Group (@TECOMGroupDubai) March 8, 2023
Meanwhile, the total value of Tecom Group’s investment property portfolio increased by 9.7 per cent since March 2022 to reach Dhs21.29bn by the end of last year.