Tecom Group, based in Dubai, has given approval for a Dhs200m cash dividend for H2 2022 during its annual general assembly meeting held at Dubai Internet City on Tuesday. Shareholders endorsed the group’s financial statements for the year ended December 31, 2022, as well as the board of directors’ proposal to issue the said dividend in April 2023. This would bring the total dividend payout for H2 2022 to Dhs400m, in accordance with the previously declared policy of distributing Dhs800m annually in semi-annual installments until September 2025.
The group’s portfolio of business districts, which includes eight strategic sectors, generated revenues of Dhs1.97bn in 2022, the highest in 22 years, while its net profit rose by 28% YoY to Dhs725.62m. More than 1,700 new customers joined the business districts over the year, with a commercial and industrial asset occupancy rate of 86% by year-end 2022. The company is confident about its growth prospects and believes that the positive government strategies and initiatives would continue to contribute to its cash-flow generation, enabling it to reward its shareholders with attractive and sustainable returns.