Dubai – Mubasher: The equityholders of Tecom Group approved, on 14 March, the board’s recommendation to distribute a cash dividend of AED 200 million, accounting for 40% of the capital, for the second half (H2) of 2022.

The group will pay 4 fils per share in April 2023, bringing the total amount of dividend distributions for H2-22 to AED 400 million after another AED 200 million dividends were disbursed in November 2022 upon a resolution by the company.

In a bourse disclosure, Tecom Group said the entitlement and ex-dividend dates will be 22 and 23 March, respectively.

Meanwhile, the approved dividend amount serves the previously announced dividend policy of issuing AED 800 million on an annual basis and to be distributed in semi-annual instalments, to shareholders until 2025.

Chairman of Tecom Group, Malek Al Malek, said: “Buoyant consumer confidence and an increase in demand for commercial and industrial real estate in Dubai have positively contributed to our strong cash-flow generation.”

In 2022, the listed group generated revenues worth AED 1.97 billion, signalling the highest level in 22 years. This was in addition to a 28% year-on-year (YoY) surge in net profit.

The total value of the investment property portfolio soared by 9.70% since March 2022 to AED 21.29 billion by the end of 2022.

Furthermore, the recurring free cash flow rose by 21% YoY to AED 964 million, as a result of healthy accounts receivables and effective cash conversion.

During the first nine months (9M) of 2022, the net profits of Tecom Group amounted to AED 639.06 million, compared with AED 422.47 million in 9M-21.