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Dubai business park operator TECOM Group is going ahead with its plan to pay its shareholders an interim cash dividend of AED200 million ($54.4 million) for 2022.
The payout, which is equivalent to 4.0 fils per share, was approved during the company’s first general meeting since listing on the Dubai Financial Market (DFM) in July this year.
It is in line with the company’s previously announced dividend policy of releasing AED800 million annually to shareholders, to be distributed in semi-annual payments through to October 2025.
The company reported a strong performance for the first nine months of the year, with net profit climbing 51% year-on-year (YoY) to AED639 million. This was driven by the “sharp rise in demand” in Dubai’s commercial and industrial real estate market, according to Malek Al Malek, Chairman of TECOM Group.
“This buoyancy is underpinned by the economic expansion and the government’s initiatives to promote further growth and excellence, enhance the ease of doing business and attract top global talent and foreign direct investment,” Al Malek said.
(Writing by Cleofe Maceda; editing by Seban Scaria)
