Dubai, UAE — TECOM Group will pay in April 2023 a cash dividend of AED200 million ($54 million), bringing the total amount of dividend paid for the second half of 2022 to AED400 million.
The announcement came during the Annual General Assembly Meeting at Dubai Internet City on Tuesday, WAM reported.
The approved dividend is in line with the Group’s previously announced dividend policy of distributing AED800 million annually, to be distributed in semi-annual instalments, to shareholders till September 2025.
The Group reported a revenue of AED1.97 billion, its highest in 22 years, and a 28 percent rise in net profit.
Malek Al Malek, Chairman of TECOM Group, said, “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.”
