The board of Tecom Group, the operator of business districts in Dubai, has recommended an interim cash dividend of Dh200 million ($54.45m) after the company posted a strong profit in the first half of the year.
The dividend payment, subject to shareholder approval at its coming annual general meeting, is in line with the company’s previously announced dividend policy of distributing Dh800m annually through October 2025, the company said in a statement on Monday to the Dubai Financial Market, where its shares are traded.
The first interim dividend payment of Dh200m is scheduled for payment to shareholders this month, the company said.
Tecom Group raised Dh1.7 billion ($462.8m) from its initial public offering earlier this year. The IPO was 21 times oversubscribed, with total gross demand at more than Dh35bn.
The company’s shares were listed on the Dubai Financial Market in July.
The group reported a 43.4 per cent jump in first-half profit to Dh428m as revenue rose by about 16 per cent to Dh989.4m.
The company’s second-quarter profit rose 54 per cent annually to Dh237m on the back of higher revenue.
“Our strong performance in the first half of the year builds on our solid performance in 2021 and underscores the strength of our well-balanced business model, and the resilience of our diversified portfolio of quality, strategically located assets and value-added services,” chief executive Abdulla Belhoul said in August.
Tecom has a land bank of 375.3 hectares and access to additional land through an exclusive right of first offer with Dubai Holding Asset Management, which serves as a bedrock for future growth.
The group's 10 business districts — including Dubai Internet City, Dubai Media City, Dubai Studio City and Dubai Production City — are home to more than 7,800 companies.
Nine of the districts are in free zones that permit 100 per cent foreign ownership, with tenants including Meta, Google, Visa, BBC, CNN, Unilever and Dior.
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Courtesy: Crystal Intelligence
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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Oppenheimer
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Williams at Wimbledon
Venus Williams - 5 titles (2000, 2001, 2005, 2007 and 2008)
Serena Williams - 7 titles (2002, 2003, 2009, 2010, 2012, 2015 and 2016)
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Day 3, Dubai Test: At a glance
Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.
Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.
The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.
Results
2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)
2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash
3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly
3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson
4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer
4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
