TECOM Group PJSC, the creator of specialised business districts and vibrant communities and listed on Dubai Financial Market, on Monday said that the company’s shareholders have agreed to pay around $108.91 million as cash dividend for the second half of last year.
The decision was taken at the Annual General Assembly Meeting held at Dubai Internet City. The meeting, the shareholders have re-elected its Board of Directors, and approved the financial statements for the year that ended 31 December 2024.
With the announcement regarding distribution of cash dividend for H2 of 2024, the total for the year stood at round $217 million in 2024, which was in line with the approved dividend policy in place until the end of the first half of 2025.
TECOM Group Chairman Malek Al Malek said that he company’s strong performance through 2024 has allowed them to implement their strategic investments. This includes $740 million of investments to deliver sustainable growth as the Group continued to expand and contribute to Dubai’s economic success whilst providing increased returns for its shareholders, he said.
“We appreciate the continued trust of our investors in TECOM Group, and their recognition of our perfectly placed position to contribute to and benefit from Dubai’s knowledge economy and hub for global investors and talent,” he added.
FY24 Results
It may be recalled that TECOM Group announced its FY 2024 results on 6 February 2025, including a 11% y-o-y increase in revenues to $650 million with occupancy and retention rates of 94% and 92%, respectively. The full year net profits grew by 14% y-o-y to $330 million with funds from operations (FFO) of $440 million, led by improved collections and income-generating assets’ performance.
The Group has also further strengthened its core business proposition through targeted portfolio expansion with a focus on quality solutions and delivering customer satisfaction across its 10 specialised strategically located business districts.
Free cash flow increased 12% year-on-year to $356m
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