TECOM GROUP P.J.S.C.

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.

The document contains confidential reports and consolidated financial statements for Tecom Group PJSC and its subsidiaries for the year ending on 31st December 2023.

On 11 December 2023, TECOM Group PJSC held a Board of Directors meeting. During the meeting, the board approved the business plan and budget for the years 2024-2028. They also discussed and approved regular matters and other businesses. The meeting was held at 3:00 pm and was chaired by Malek Al Malek. The results of the meeting were disclosed to the Dubai Financial Market and the Securities and Commodities Authority.