TECOM Group PJSC, the creator of specialised business districts and vibrant communities, announced its Board of Directors has proposed an interim dividend payment of AED200 million (4.0 fils per share).
The payment is subject to shareholder approval at its upcoming Annual General Meeting, TECOM said in an emailed statement.
The proposed payout comes after its “previously announced dividend policy of distributing AED800 million annually through to October 2025, with the first payment of AED200 million scheduled in October 2022.”
TECOM, which is the second Dubai government entity to be listed on DFM, is one of the emirate’s biggest developers.
TECOM owns Dubai Internet City, Dubai Media City, Dubai Design District (D3), and Dubai Industrial City.
The company reported a strong financial performance in the first half of 2022, with net profit increasing year-on-year by 43.4 percent to AED428 million.
The profits were “driven by encouraging revenue growth, enhanced operational efficiencies and prudent financial measures,” TECOM said.
For the six-month period ending June 30, TECOM also reported a “robust balance sheet and leverage position and increase in its Funds From Operations (FFO) and Recurring Free Cash Flow (RCFC).”
Follow us on
