TECOM GROUP P.J.S.C.

TECOM Group shareholders have approved a cash dividend of AED 400 million for H2 2023 at its annual general assembly meeting. This brings the total dividend distributions for the fiscal year 2023 to AED 800 million, in line with the dividend policy set out in the IPO prospectus. The group reported a 10% YoY revenue growth to a record-breaking AED 2.2 billion and a 49% YoY surge in net profit to an all-time high of AED 1.1 billion for the financial year ended 31 December 2023. The company's customer base rose by 15% to reach 11,000 customers, driven by robust demand from new and existing customers across all six sectors it serves.

The text is an introduction to the Management Discussion & Analysis section of the 2023 Financial Results report for Tecom Group PJSC.

The TECOM Group PJSC Annual Report 2023 discusses the company's efforts in establishing prosperous ecosystems and delivering sustainable growth. The report is aimed at individuals interested in finance and investing, and is shared on a finance platform with social functionality.

The TECOM Group PJSC has issued a disclosure clarifying the appointment of proxies to attend its General Assembly meeting. The company informed shareholders that a shareholder with the right to attend the General Assembly can delegate someone other than the board members, the company’s employees, or a securities brokerage company or its employees, to attend on his/her behalf. This delegation must be done through a written special proxy, which clearly states that the representative can attend the meeting and vote. A delegated person for multiple shareholders cannot represent more than 5% of the company’s issued capital. Those lacking legal capacity must be represented by their legal representatives. The shareholder’s signature on the proxy must be approved by a notary public, a chamber of commerce or an economic department in the UAE, a bank or company licensed in the UAE (provided the principal has an account with them), the licensed financial market in the UAE, or any other authority licensed to perform the authentication activity.

TECOM Group has reported a record net profit of AED 1.1 billion for FY 2023, a 49% increase from the previous year. This was driven by strong performance across all business sectors. The company's revenue also grew by 10% YoY, reaching AED 2.2 billion, due to high occupancy rates across its portfolio. EBITDA increased by 23% YoY to AED 1.7 billion, with margins expanding to 76% from 68% in 2022. Funds from operations reached AED 1.4 billion, up 21% YoY. The market value of the Group’s real estate investments portfolio increased by 7.7% YoY to reach AED 22.9 billion. The Board of Directors has proposed a dividend payment of AED 400 million in April 2024, subject to shareholder approval.