Dubai – Mubasher: Tecom Group achieved net profits worth AED 603.04 million in the first half (H1) of 2024, an annual increase of 24% from AED 484.59 million.
The revenues increased by 9% year-on-year (YoY) to AED 1.14 billion in H1-24 from AED 1.04 billion, according to the financial results.
Basic and diluted earnings per share (EPS) hit AED 0.12 as of 30 June 2024, an annual rise from AED 0.10.
The group registered total assets amounting to AED 15.26 billion in H1-24, versus AED 14.81 billion at the end of December 2023.
Income Statements for Q2
In the second quarter (Q2) of 2024, the profits jumped by 35% YoY to AED 310.51 million from AED 229.36 million, while the revenues climbed by 9% YoY to AED 583.72 million from AED 535.08 million.
Meanwhile, the basic and diluted EPS reached AED 0.06 in Q2-24, compared to AED 0.05 a year earlier.
Dividends for H1-24
Malek Al Malek, Chairman of Tecom Group, said: “In recognition of this achievement, Tecom Group’s board approved an interim dividend distribution of AED 400 million to shareholders for H1-24.”
“We are committed to strengthening our portfolio and continuing to deliver sustainable shareholder value," Al Malek continued.
As of 31 March 2024, the net profits of Tecom Group surged by 15% YoY to AED 293 million from AED 255 million.
