Dubai’s Tecom Group has approved its financial statements for the year ended 31st December 2022 and to distribute a cash dividend of AED200 million in April 2023, bringing the total amount of dividend distributions for the second half of 2022 to AED400 million.
This was revealed during the Annual General Assembly Meeting held at Dubai Internet City.
The approved dividend distribution is in line with the Group’s previously announced dividend policy of issuing AED800 million annually, to be distributed in semi-annual instalments to shareholders through September 2025.
.@TECOMGroupDubai shareholders approve AED 200 million cash dividend for H2 2022 at first Annual General Assembly Meetinghttps://t.co/Bx3dxAKfBm pic.twitter.com/Ld0PdNtUYX
— Dubai Media Office (@DXBMediaOffice) March 15, 2023
Tecom Group reported strong financial results for the year ended 31st December 2022, with revenues reaching AED1.97 billion, the highest in 22 years, and net profit rising 28 percent year-on-year (YoY).
The total value of Tecom Group’s investment property portfolio increased by 9.7 percent since March 2022 to AED21.29 billion by the end of 2022. The Company’s recurring free cash flow increased to AED964 million, up 21% YoY, on the back of healthy accounts receivables and effective cash conversion.
TECOM Group caters to over 9,500 customers and more than 105,000 professionals.