TECOM Group board recommends AED 200 million interim cash dividend

TECOM Group PJSC (DFM: TECOM), (the “Company” or the “Group”), the creator of specialised business districts and vibrant communities, announced its Board of Directors has proposed an interim dividend payment of AED 200 million (4.0 fils per share), subject to shareholder approval at its upcoming Annual General Meeting.

The proposed AED 200 million payout is in line with its previously announced dividend policy of distributing AED 800 million annually through to October 2025, with the first payment of AED 200 million scheduled in October 2022.

The Company reported a strong financial performance in H1 2022, with net profit increasing YoY by 43.4% to AED 428 million, driven by encouraging revenue growth, enhanced operational efficiencies and prudent financial measures. For the six month period ending 30 June 2022, the Group also reported a robust balance sheet and leverage position and increase in its funds from operations (FFO) and recurring free cash flow (RCFC).