TECOM Group shareholders have approved a cash dividend of AED400 million (8 fils per share) for the second half of 2024. This decision brings the total dividend for the year to AED800 million (16 fils per share), aligning with the company’s dividend policy, which remains effective until mid-2025.
The announcement came during the Annual General Assembly Meeting, where shareholders also reviewed financial statements and re-elected the Board of Directors. TECOM Group reaffirmed its commitment to delivering long-term value while maintaining strong growth.
TECOM: Revenue Growth and Investment Strategy
In 2024, TECOM Group reported an 11% year-on-year (YoY) increase in revenue, reaching AED2.4 billion. Additionally, the company maintained high occupancy and retention rates of 94% and 92%, respectively.
Chairman Malek Al Malek emphasized that TECOM’s success stems from its strategic investments. The company allocated AED2.7 billion to key projects that support expansion and strengthen Dubai’s economic landscape.
Full-year net profits rose by 14% YoY to AED1.2 billion, while funds from operations (FFO) reached AED1.6 billion. Improved collections and strong asset performance contributed to these results, highlighting TECOM’s financial stability.
Focus on Sustainable Growth
Moving forward, TECOM Group remains dedicated to innovation and expansion. By leveraging strategic investments, the company aims to strengthen its position in Dubai’s business ecosystem while ensuring steady returns for shareholders.
