The TECOM Group PJSC Annual Report for 2024 emphasizes the company's collaborative approach to business, highlighting how working together enhances business success.
The document provides clarifications regarding the appointment of proxies for attending the General Assembly meeting of TECOM Group PJSC. According to the Corporate Governance Guide, a shareholder eligible to attend the General Assembly can delegate someone, who is not a board member, company employee, or part of a securities brokerage company, to attend on their behalf via a written proxy. The proxy must explicitly state that the representative can attend and vote at the meeting. A person representing multiple shareholders cannot hold more than 5% of the company's issued capital. Individuals lacking legal capacity must be represented by their legal representatives. The shareholder's signature on the proxy must be authenticated by a recognized authority such as a notary public, chamber of commerce, economic department, licensed bank or company, financial market, or any other licensed authority in the UAE.
TECOM Group PJSC has announced the opening of nominations for its Board of Directors. The nomination period is from February 17 to February 28, 2025. Interested individuals or shareholders who meet the criteria can apply by completing nomination forms available on the company's website and submitting them via email. Seven board members will be elected. The nomination period lasts ten days, and candidate details will be displayed on the company's website before the General Assembly meeting on March 10, 2025. Candidates cannot transfer their nomination after the period ends. The candidate list will be shared with relevant authorities after nominations close. Criteria for candidates include relevant experience, no criminal history, no recent removal from a board, a clean professional record, no ongoing legal issues, and contribution to board diversity. Applications must be submitted on time with all required documents, and selected candidates may be interviewed by the Nomination and Remuneration Committee.
The Dubai Financial Market has been notified by TECOM Group PJSC about an upcoming earnings conference call. This call, which will discuss the company's financial statements for the fiscal year ending December 31, 2024, is scheduled for 3:00 PM on Thursday, February 13, 2025. The notification is signed by Abdulla Belhoul and a copy has been sent to the Securities and Commodities Authority.
TECOM Group reported a 14% increase in net profit for FY 2024, reaching AED 1.2 billion, driven by record revenue and strong performance across all business segments. Revenue rose by 11% year-on-year to AED 2.4 billion, supported by high occupancy rates of 94% and retention rates of 92%. EBITDA grew by 12% to AED 1.9 billion, reflecting strong operational performance. Funds from operations exceeded AED 1.6 billion due to increased revenue and operational efficiencies. The Group expanded its asset portfolio through strategic acquisitions and development projects totaling AED 2.7 billion. The fair value of its Investment Property Portfolio increased by 11% on a like-for-like basis and by 22% including new acquisitions, reaching AED 28 billion. The Board of Directors proposed a dividend payment of AED 400 million for the second half of 2024, pending shareholder approval at the Annual General Meeting on 10 March 2025. These results highlight the Group's strategy to enhance its core business in Dubai through portfolio expansion and operational efficiencies.
The document is a confidential report containing the classification, consolidated financial statements, and other related financial information for TECOM Group PJSC and its subsidiaries for the year ending on December 31, 2024.