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Dubai’s Business Hub Developer Intends To Pay Out Dh800 Million Each Year Until 2025.
Tecom Group plans to distribute Dh200 million (4 fills per share) as an interim dividend for the first half of 2022. During this time, the Dubai business hub developer achieved a strong set of results.
According to a statement from Tecom, the suggested Dh200 million payout is in line. With the announced earlier dividend policy of disseminating Dh800 million each year through October 2025. Along with the first Dh200 million payment scheduled for that month.
At the annual general meeting, shareholders must still approve the payout. Tecom was the 2nd of three government-owned companies in Dubai to be listed on DFM to date. With numerous clusters, including the Industrial City, Dubai Design District (D3), and the Dubai Internet and Media Cities. It is also among the largest developers and landlords in the city.
Tecom’s net profit increased by 43.4% year over year to Dh428 million in the first half of the year due to “encouraging” revenue growth. “Improved operational efficiencies,” and “prudent financial measures.” The Group also reported an improvement in funds from operations (FFO), recurring free cash flow, and a “robust balance sheet. And leverage position” (RCFC). Last week, Tecom’s stock closed at Dh2.36, which is less than the Dh2.67 offer price.
