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Shareholders of UAE's TECOM Group has approved the board's recommendation to distribute a cash dividend of AED 200 million in April 2023, bringing the total amount of dividend distributions for the second half of 2022 to AED 400 million.
The approved dividend distribution is in line with the Group’s previously announced dividend policy of issuing AED 800 million annually, to be distributed in semi-annual instalments, to shareholders through to September 2025.
Malek Al Malek, Chairman of TECOM Group, said: “Buoyant consumer confidence and an increase in demand for commercial and industrial real estate in Dubai have positively contributed to our strong cash-flow generation. When combined with favourable government strategies and initiatives which continue to enhance the ease of doing business and attract greater foreign direct investment, we can continue to realise unparalleled achievements and reward our shareholders with attractive and sustainable returns.”
TECOM Group, a creator of specialised business districts and communities, reported strong financial results for the year ended 31 December 2022, with revenues reaching AED 1.97 billion – highest in 22 years – and net profit increasing 28% year-on-year (YoY).
The total value of TECOM Group’s investment property portfolio increased by 9.7% since March 2022 to AED 21.29 billion by the end of 2022.
(Writing by Seban Scaria; editing by Daniel Luiz)
