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Dubai’s TECOM board proposes $54m interim cash dividend

TECOM Group’s first dividend payment of AED 200 million is scheduled in October 2022

Dubai business park operator TECOM Group’s board has proposed an interim dividend payment of AED 200 million ($54.45 million), subject to shareholder approval at its upcoming annual general meeting.

The proposed AED 200 million payout is in line with its previously announced dividend policy of distributing AED 800 million annually through to October 2025. The first payment of AED 200 million is scheduled in October 2022.

The company reported a strong financial performance in H1 2022, with net profit increasing year-on-year by 43.4 percent to AED 428 million, driven by revenue growth, enhanced operational efficiencies and prudent financial measures.

The company, which is owned by the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, raised AED1.7 billion from investors via its initial public offering. Shares began trading on June 5 on the Dubai Financial Market.

Similarly, listed-firm Dubai Electricity and Water Authority plans to pay a minimum dividend of AED 6.2 billion per year over the next five years. The first dividend payment of AED 3.1 billion is likely to be made in October 2022.