TECOM Group Approves AED 400 Million Dividend for H2 2024 at Annual General Assembly Meeting
TECOM Group PJSC (DFM: TECOM), a leading developer of specialised business districts and vibrant communities in Dubai, announced the approval of a cash dividend of AED 400 million (8 fils per share) for the second half (H2) of 2024 at its Annual General Assembly Meeting (AGM) held at Dubai Internet City. This decision brings the total cash dividend for the fiscal year 2024 to AED 800 million (16 fils per share), in line with the approved dividend policy effective until the end of H1 2025.
During the meeting, shareholders re-elected the Board of Directors and approved the financial statements for the year ended December 31, 2024, reflecting the company's consistent growth and solid financial performance.
Strong Performance and Dividend Policy
The Group's continued growth in 2024 allowed it to distribute strong returns to its shareholders. The approved cash dividend of AED 400 million for the second half of 2024, coupled with the AED 400 million dividend for H1 2024, demonstrates the Group's commitment to delivering value to its investors.
Malek Al Malek, Chairman of TECOM Group, expressed gratitude to the shareholders, stating:
“TECOM Group’s strong performance through 2024 has enabled us to advance our strategic investments, including AED 2.7 billion in projects to drive sustainable growth. Our ongoing contribution to Dubai’s economic success, along with our commitment to delivering increasing returns for our shareholders, remains our priority.”
He further added:
“We are grateful for the continued trust and support of our investors, as we remain perfectly positioned to benefit from Dubai’s knowledge economy and its global standing as an investment and talent hub.”
Financial Highlights of FY 2024
TECOM Group released its full-year financial results for 2024 on February 6, 2025, reporting significant growth in revenue and profitability:
- Revenue Growth: The Group reported a 11% year-on-year (YoY) increase in revenue, reaching AED 2.4 billion in FY 2024.
- Net Profit: The full-year net profit surged by 14% YoY to AED 1.2 billion.
- Occupancy and Retention Rates: TECOM Group achieved an occupancy rate of 94% and a retention rate of 92%, showcasing strong demand and customer satisfaction across its 10 specialised business districts.
- Funds from Operations (FFO): The Group recorded AED 1.6 billion in funds from operations (FFO), driven by improved collections and performance of income-generating assets.
Strategic Investments and Business Expansion
In line with its commitment to sustainable growth, TECOM Group announced investments worth AED 2.7 billion in 2024, focusing on expanding its business district portfolio and enhancing infrastructure and service quality to attract global talent and enterprises.
The company’s 10 strategically located business districts continue to attract global corporations, SMEs, and startups, further contributing to Dubai's economic growth and strengthening its position as a leading business hub.
Future Outlook
Looking ahead, TECOM Group aims to capitalize on Dubai's economic development by continuing to expand its portfolio, enhance customer experience, and maximize shareholder returns. The Group's strategic positioning in Dubai’s knowledge economy positions it to benefit from increasing foreign direct investment (FDI) and business growth opportunities.
The Group also reaffirmed its commitment to distributing attractive dividends, ensuring sustainable long-term value creation for its stakeholders.
