TECOM Group shareholders approve $109 million cash dividend for H2 2024

Shareholders of TECOM Group have approved the board of directors' proposal to distribute cash dividends of AED 400 million (approximately US$109 million), equivalent to 8 fils per share, as dividends for the second half of 2024.

This brings the total cash dividends for the full year 2024 to AED 800 million (16 fils per share), in line with the approved dividend policy through the first half of 2025.

TECOM Group, a company focused on creating specialized business districts and vibrant communities, held its annual general meeting in Dubai Internet City. During the meeting, shareholders re-elected the board of directors and approved the annual financial statements for the year ended December 31, 2024.

Malek Al Malek, Chairman of TECOM Group, stated, "TECOM Group's strong performance in 2024 has enabled us to implement strategic investments, including AED 2.7 billion in investments, to achieve sustainable growth. We will continue to scale up, contributing to Dubai's economic success while providing higher returns to our shareholders."

He also added, "We appreciate the continued trust of investors in TECOM Group and their recognition of the position we are in, which enables us to contribute to and benefit from Dubai's knowledge economy and its hub for global investors and talent."

TECOM Group announced its FY2024 results on February 6, 2025, which included an 11% year-on-year increase in revenue to AED 2.4 billion, with occupancy and customer retention rates at 94% and 92%, respectively. Driven by improved collections and revenue-generating asset performance, full-year net profit increased by 14% year-on-year to AED 1.2 billion, and Funds From Operations (FFO) stood at AED 1.6 billion.

The Group further strengthened its core business proposition through targeted portfolio expansion, focusing on delivering high-quality solutions and providing customer satisfaction across its 10 strategically located specialized business districts.