Tecom approves AED200m cash dividend for H2 2022

DUBAI / WAM

Tecom Group has approved the group’s financial statements for the year ended on December 31 2022. The Board of Directors approved to distribute a cash dividend of AED200 million in April 2023, bringing the total amount of dividend distributions for the second half of 2022 to AED400 million.
The announcement came during the Annual General Assembly Meeting at Dubai Internet City. The approved dividend distribution is in line with the group’s previously announced dividend policy of issuing AED800 million annually, to be distributed in semi-annual instalments, to shareholders through September 2025. All matters related to future dividend distribution will be subject to the Board of Directors’ recommendation and shareholders’ approval.
Malek Al Malek, Chairman of Tecom Group, said, “Today’s dividend announcement reflects our ongoing confidence in Tecom group’s growth prospects and recognises the group’s strong financial position at the end of 2022.”
Tecom reported strong financial results for the year ended on December 31 2022, with revenues reaching AED1.97 billion.