Dubai: The way has been cleared for Tecom group shareholders to get their share of Dh400 million – at 8 fils a share – in dividend. This is linked to the second-half of 2024.
For 2024, the Dubai company will have paid Dh800 million, which is what was paid in 2023 as well.
This is ‘in line with the approved dividend policy in place until the end of the first-half of 2025’, said a statement.
One of Dubai’s biggest landlords in the commercial real estate space, Tecom Group had a 11% year-on-year increase in 2024 revenues to Dh2.4 billion, with occupancy and retention rates of 94% and 92%.
The full-year net profit swelled 14% to Dh1.2 billion, while funds from operations (FFO) were Dh1.6 billion ‘led by improved collections and income-generating assets’ performance’.
“Tecom Group’s strong performance through 2024 has allowed us to implement our strategic investments,” said Malek Al Malek, Chairman of the DFM-listed entity. “This includes Dh2.7 billion of investments to deliver sustainable growth.”
