emirates7 - TECOM Group shareholders have approved the financial statements for the fiscal year ending 31st December 2024, along with the Board of Directors' recommendation to distribute a cash dividend of AED 400 million (8 fils per share) for the second half of 2024. This brings the total cash dividends for the year to AED 800 million (16 fils per share), in line with the company's approved dividend policy, which remains in effect until the end of the first half of 2025.

The announcement was made during the Annual General Assembly Meeting, where shareholders also re-elected the Board of Directors and confirmed the financial statements for 2024.

Malek Al Malek, Chairman of TECOM Group, highlighted the company’s strong performance throughout 2024, which has enabled significant strategic investments. He stated, "Our robust financial results have allowed us to pursue AED 2.7 billion in investments to drive sustainable growth, support Dubai’s economic development, and enhance returns for our shareholders."

TECOM Group reported an 11 percent year-on-year (YoY) increase in revenue, reaching AED 2.4 billion. The company also maintained high occupancy and retention rates of 94 percent and 92 percent, respectively.

Net profit for the full year rose by 14 percent YoY to AED 1.2 billion, with funds from operations (FFO) totaling AED 1.6 billion. This growth was driven by improved collections and the strong performance of income-generating assets.