Dubai – Mubasher: Tecom Group witnessed 14% year-on-year (YoY) higher net profits at AED 1.22 billion in 2024, compared to AED 1.607 billion, according to the financial results.
Revenues soared by 11% to AED 2.40 billion at the end of December 2024 from AED 2.17 billion.
Basic and diluted earnings per share (EPS) attributable to the shareholders increased to AED 0.25 last year from AED 0.22 in 2023.
The group’s asset portfolio expanded through strategic acquisitions and development projects totalling AED 2.70 billion through 2024
Financials for Q4
During the fourth quarter (Q4) of 2024, the DFM-listed group recorded an 8% YoY decline in net profit to AED 286 million, compared to AED 311 million. This is lower than AED 339.63 million in Q3-24.
The revenues plunged by 11% to AED 643 million in October-December 2024 from AED 580 million in Q4-23.
Abdulla Belhoul, CEO of TECOM Group, said: “We are perfectly positioned to support this trajectory as the leading owner and operator of specialised business districts that are attracting global companies and talent participating in Dubai’s success story.”
Dividends
The board members recommended cash dividends of AED 400 million, equivalent to 8 fils per share, for the second half (H2) of 2024.
The dividends proposal is subject to the approval of the shareholders at its upcoming annual general meeting, to be held on 10 March 2025.
