Latest news with #Dh2.4
Al Etihad
13-03-2025
- Business
- Al Etihad
TECOM Group shareholders approve Dh400 million cash dividend for H2 2024
11 Mar 2025 12:08 DUBAI (WAM)TECOM Group shareholders have approved the financial statements for the year that ended December 31, 2024 as well as the recommendation by the Board of Directors to distribute a cash dividend of Dh400 million (8 fils per share) for the second half of 2024, bringing total cash dividends to Dh800 million (16 fils per share), in line with the approved dividend policy in place until the end of the first half of announcement came during the Annual General Assembly Meeting, where shareholders re-elected the Board of Directors and approved the financial statements for the year that ended December 31, of TECOM Group, Malek Al Malek, said, "TECOM Group's strong performance through 2024 has allowed us to implement our strategic investments. This includes Dh2.7 billion of investments to deliver sustainable growth as we continue to expand and contribute to Dubai's economic success whilst providing increased returns for our shareholders."TECOM Group announced an 11 percent year-on-year (YoY) increase in revenues to Dh2.4 billion, with occupancy and retention rates of 94 percent and 92 percent, respectively. Full year net profits grew by 14 percent YoY to Dh1.2 billion with funds from operations (FFO) of Dh1.6 billion, led by improved collections and income-generating assets' performance.
Al Etihad
12-03-2025
- Business
- Al Etihad
Borouge annual dividend yield at 6.7%, offering strong investor returns
10 Mar 2025 10:34 ABU DHABI (WAM) The annual dividend for Borouge, a leading petrochemicals company, reached 6.7 percent based on the closing price on March 7, offering strong investor returns and reinforcing the company's attractive dividend financial results for 2024 underline the company's resilience and profitability, with net earnings of Dh4.5 billion, marking a 24 percent year-on-year company also reported an industry-leading EBITDA margin of 41 percent, further cementing its reputation as one of the most efficient and profitable players in the petrochemicals of Borouge are expected to approve an Dh2.4 billion cash dividend for the second half of 2024 at the company's upcoming Annual General Meeting (AGM) on 7th April 2025. This final payment will bring Borouge's total dividends for the year to Dh4.8 billion, reinforcing its position as an attractive investment opportunity in the seeking eligibility for the final dividend must hold Borouge shares by 15th April 2025, with payments set for distribution on April 28, CEO, Hazeem Sultan Al Suwaidi, said, 'This is an exciting time for Borouge shareholders, as the company continues to deliver strong dividends, underscoring our commitment to driving value for our shareholders. With a solid business model and continuous innovation, Borouge remains a strong contender for investors looking for value opportunities.'Beyond its strong dividend profile, Borouge's growth trajectory is poised to accelerate following the recently announced merger of Borouge and OMV's Borealis to create Borouge Group International and the acquisition of NOVA Chemicals. This consolidation will create the world's fourth-largest polyolefins company, valued at Dh220+ billion ($60 billion), significantly enhancing Borouge's global newly formed Borouge Group International is expected to benefit from a higher dividend payout, expanded market access, advanced technological capabilities, and complementary product lines. With commercial and manufacturing operations spanning North America, Europe, Asia, the Middle East, and Africa, Borouge Group International presence in the global petrochemicals industry is set to strengthen, offering further opportunities for growth and value creation.
