TECOM board recommends AED 200 million interim dividend

File photo

TECOM Group's 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 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, which operates specialised business districts and vibrant communities, reported a strong financial performance in H1 2022.

Net profit increased year-on-year by 43.4 per cent to AED 428 million, driven by encouraging revenue growth, enhanced operational efficiencies and prudent financial measures.

For the six-month period ending June 30, 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).

More from Business