TECOM Group shareholders have approved a recommendation by the board of directors to distribute a cash dividend of AED400 million ($109 million), or 8 fils per share, for the second half of 2024.
This brings the total cash dividends for the year 2024 to AED800 million (16 fils per share), in line with the approved dividend policy in place until the end of the first half of 2025.
Read: Dubai’s TECOM Group posts record revenue of $653.4 million in 2024
TECOM Group, the creator of specialized business districts and vibrant communities, held its annual general assembly meeting at Dubai Internet City.
At the meeting, the shareholders re-elected its board of directors, and approved the financial statements for the year that ended December 31, 2024.
“TECOM Group’s strong performance through 2024 has allowed us to implement our strategic investments. This includes AED2.7 billion of investments to deliver sustainable growth as we continue to expand and contribute to Dubai’s economic success whilst providing increased returns for our shareholders,” said Malek Al Malek, chairman of TECOM Group.
“We appreciate the continued trust of our investors in TECOM Group, and their recognition of our perfectly placed position to contribute to and benefit from Dubai’s knowledge economy and hub for global investors and talent,” he added.
Strong results
TECOM Group announced its FY 2024 results on February 6, 2025, including an 11 percent year-on-year (YoY) increase in revenues to AED2.4 billion with occupancy and retention rates of 94 percent and 92 percent, respectively. Full year net profits grew by 14 percent YoY to AED1.2 billion with funds from operations (FFO) of AED1.6 billion, led by improved collections and income-generating assets’ performance.
The group has further strengthened its core business proposition through targeted portfolio expansion with a focus on quality solutions and delivering customer satisfaction across its 10 specialized strategically located business districts.
