Abu Dhabi, UAE— TECOM Group Tuesday approved an interim dividend of AED200 million ($54.45 million) at its first General Assembly Meeting since listing on the Dubai Financial Market (DFM) on 5 July 2022.
This is in line with the Group’s previously announced dividend policy of distributing AED800 million annually, to be distributed in semi-annual payments, to shareholders till Oct. 2025.
The Group will distribute dividend as: AED200 million for October 2022; AED200 million for April 2023; AED400 million for October 2023; AED400 million for April 2024; AED400 million for October 2024; AED400 million for April 2025, and AED400 million for October 2025.
TECOM Group’s net profit for the first nine months of 2022 increased by 51 percent year-on-year (YoY) to AED639 million. The Group said it recorded 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.
All matters related to future dividend distribution will be subject to Board of Director’s recommendation and shareholders’ approval.
Malek Al Malek, Chairman of TECOM Group, said, “TECOM Group has sustained 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 and the government’s initiatives to promote further growth and excellence, enhance the ease of doing business and attract top global talent and foreign direct investment.”