DUBAI: TECOM Group, the creator of specialised business districts and vibrant communities in Dubai, has announced its best-ever financial and operational performance for the year 2023, along with a cash dividend of AED 800 million for its shareholders.
The Group held its Annual General Assembly Meeting at Dubai Internet City, where it approved the financial statements and the dividend recommendation by the Board of Directors. The dividend payout is in line with the Group’s commitment to pay AED 800 million per annum through September 2025, as per its IPO prospectus.
TECOM Group reported a 10% YoY growth in revenues to AED 2.2 billion and a 49% YoY surge in net profit to AED 1.1 billion, both record-breaking figures. The Group also maintained a robust balance sheet and increased its funds from operations and recurring free cash flow.
The Group attributed its strong performance to the high demand from its 11,000 customers operating across six vital sectors, supported by Dubai’s resilient economy and pro-growth initiatives. The Group offers diverse leasing options and attractive ecosystems for businesses, entrepreneurs and talent from around the world, contributing to the UAE’s and Dubai’s knowledge-based economy.
Malek Al Malek, Chairman of TECOM Group, said: “The outstanding financial and operational performance delivered by TECOM Group in 2023 demonstrates the strength of our business model, the attractiveness of our 10 specialised business districts and also our unparalleled capabilities that enabled us to benefit from the promising opportunities presented in the UAE and Dubai.
The Group remains at the forefront of innovation, delivering on its role as a strategic business enabler of Dubai, while ensuring we continue to deliver superior value to our shareholders.”
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