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Tecom Group PJSC conducted its Annual General Assembly Meeting at Dubai Internet City, where shareholders approved key resolutions. The financial statements for the year ending December 31, 2023, were endorsed, and the Board of Directors' recommendation for a cash dividend of Dh400 million (8 fils per ordinary share) for H2 2023 was approved. This brings the total dividend distribution for the fiscal year 2023 to Dh800 million.
The cash dividend aligns with the IPO prospectus's dividend policy, committing to an annual dividend of Dh800 million through September 2025. Future dividend distributions will be contingent on Board recommendations and shareholder approval.
Tecom Group Chairman, Malek Al Malek, highlighted the strong financial and operational performance in 2023, emphasizing the robust business model, the appeal of their 10 specialized business districts, and the Group's capabilities. The Group reported record-breaking results, with a 10% YoY revenue increase to Dh2.2 billion, a 49% YoY surge in net profit to Dh1.1 billion, and increased funds from operations (FFO) and recurring free cash flow (RCFC). As of December 31, 2023, commercial and industrial portfolio occupancy was at 89%, and land lease occupancy reached 94%. The Group's customer base grew by 15% to 11,000 customers, reflecting strong demand from various sectors amid Dubai's resilient economic performance and government initiatives.