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Gulf Today
11-03-2025
- Business
- Gulf Today
Tecom shareholders approve Dhs400 million cash dividend for H2
Tecom Group shareholders have approved the financial statements for the year that ended December 31st, 2024 as well as the recommendation by the Board of Directors to distribute a cash dividend of Dhs400 million (8 fils per share) for the second half of 2024, bringing total cash dividends to Dhs800 million (16 fils per share), in line with the approved dividend policy in place until the end of the first half of 2025. The 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 Dec.31st, 2024. Malek Al Malek, Chairman of Tecom Group, said, 'Tecom Group's strong performance through 2024 has allowed us to implement our strategic investments. This includes Dhs2.7 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 per cent year-on-year (YoY) increase in revenues to Dhs2.4 billion, with occupancy and retention rates of 94 per cent and 92 per cent, respectively. Full year net profits grew by 14 per cent YoY to Dhs1.2 billion with funds from operations (FFO) of Dhs1.6 billion, led by improved collections and income-generating assets' performance. Tecom Group announced last month a record Dhs2.4 billion in revenue, representing an 11 per cent year-on-year (YoY) increase, resulting in a 14 per cent YoY increase in net profit to Dhs1.2 billion for the financial year ended 31st December 2024 (FY 2024). The figures reflect the impact of the Group's strategy to further strengthen its core business proposition in Dubai through targeted portfolio expansion and increased operational efficiencies, as well as its robust occupancy and retention rates through 2024. The Board of Directors has proposed a dividend payment of Dhs400 million (8 fils per share) for the second half of 2024, subject to shareholders' approval at the upcoming Annual General Meeting on 10th March 2025, and in line with the dividend policy valid through the first half of 2025. The Board of Directors has also reviewed the interim cash dividend for the second half of 2025 which is expected to increase by 10 per cent. Malek Al Malek, Chairman of Tecom Group, said, 'Tecom Group's strong results in 2024 reaffirm our commitment to leveraging Dubai's robust economic fundamentals and contributing to its knowledge economy by attracting global companies and skilled talent across six key sectors.' 'The Dhs2.7 billion of investments announced through 2024 will further expand the Group's portfolio, enabling its continued sustainable growth and reinforcing its role as a strategic driver in Dubai's business sector. We are investing in Tecom Group's future while delivering exceptional financial results, carefully managing costs, and maintaining high levels of customer satisfaction.' Abdulla Belhoul, Chief Executive Officer of Tecom Group, said, 'Led by dynamic non-oil GDP growth, Dubai and the UAE are delivering sustained growth across the commercial real estate and the industrial sectors. 'Driven by robust asset performance, strong customer demand, prudent cost management, and increased customer satisfaction, Tecom Group delivered substantial growth across revenue, Ebitda, and property valuation in 2024. Our success through 2024 is demonstrated in our strong share price performance, with a YoY increase of 15 per cent representing positive shareholder returns as well as the sustainable, long-term value of Tecom Group's proposition.' Revenue increased by 11 per cent YoY to more than Dhs2.4 billion, driven by a 5 per cent YoY rise in occupancy to 94 per cent, an impressive retention rate of 92 per cent, and higher rental rates. The fair value of the Group's Investment Properties (IP) portfolio, conducted by CBRE, ascertained a fair value of Dhs28 billion as of 31st December 2024, representing a like-for-like increase of 11 per cent compared to 2023 levels and a YoY increase of 22 per cent, including new acquisitions during the year. In Q4 2024, revenue increased 11 per cent YoY to Dhs643 million, while Ebitda grew by 9 per cent compared to FY 2023, reaching Dhs458 million, with an Ebitda margin of 71 per cent. Tecom Group earlier announced its financial results for the second quarter (Q2) and first half (H1) of the year ending June 30th, 2024. The Group's H1 net profit grew by 24 per cent to Dhs603 million, with revenues rising 9 per cent year-on-year (YoY) to reach Dhs1.1 billion. The performance follows solid results reported in the first quarter of the year and reaffirms Tecom Group's role in enabling Dubai's knowledge-based economy by attracting global and regional companies across six vital sectors to its ten specialised business districts. For H1 2024, outstanding topline growth contributed to a 9 per cent YoY surge in Ebitda, which reached Dhs896 million.
Gulf Today
10-03-2025
- Business
- Gulf Today
Borouge annual dividend yield at 6.7%, offering strong investor returns
The annual dividend for Borouge, a leading petrochemicals company, reached 6.7 per cent based on the closing price on 7th March, offering strong investor returns and reinforcing the company's attractive dividend profile. Borouge's financial results for 2024 underline the company's resilience and profitability, with net earnings of Dhs4.5 billion ($1.24 billion), marking a 24 per cent year-on-year increase. The 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 sector. Shareholders of Borouge are expected to approve an Dhs2.4 billion ($650 million) 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 Dhs4.8 billion ($1.3 billion), reinforcing its position as an attractive investment opportunity in the region. Investors seeking eligibility for the final dividend must hold Borouge shares by 15th April 2025, with payments set for distribution on 28th April 2025. Hazeem Sultan Al Suwaidi, Borouge CEO, 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 Dhs220+ billion ($60 billion), significantly enhancing Borouge's global profile. The 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.
Gulf Today
25-02-2025
- Business
- Gulf Today
Sharjah CP reviews expansion project updates at Sharjah International Airport
Sheikh Sultan Bin Mohammed Bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, accompanied by Sheikh Sultan Bin Ahmed Bin Sultan Al Qasimi, Deputy Ruler of Sharjah, reviewed on Tuesday morning, at the Ruler's Office, the latest developments of the expansion project and future plans for Sharjah International Airport. Sheikh Sultan received a detailed briefing on the airport's passenger terminal expansion project, which is designed to enhance capacity to accommodate 20 million passengers annually. The recent update showcased a number of completed projects that were carried out on schedule. These include the project and public services building, the new aircraft parking stands, the design of the road network, and the vehicle parking areas. In a recent visual presentation, the Crown Prince received an update on various ongoing construction projects, including details on supply phases, packages currently in the design stage, and those projects that are under tendering. The review highlighted significant ongoing projects, related packages, and prospective development strategies for the facilities at Sharjah International Airport, accompanied by a timeline for forthcoming initiatives. Sheikh Sultan reviewed plans for building an additional runway, designing a new passenger terminal, and developing a road network to link the new terminal with existing airport facilities. These projects are integral to the ambitious strategy aimed at increasing the airport's capacity. The expansion of the passenger terminal stands out as the most significant part in an extensive range of development initiatives, with an overall investment totalling Dhs2.4 billion. Completion of the entire expansion is anticipated by the close of 2027. The Sharjah Airport Authority has launched a series of projects designed to improve logistics operations. Efforts are underway to enhance infrastructure, buildings, and systems to align with environmental sustainability standards. Key initiatives focus on reducing carbon emissions while also enhancing service quality and operational efficiency. The Authority's strategy is to improve the airport's status, targeting a position among the top five regional airports renowned for travel experience and customer service. The meeting was attended by Sheikh Khalid bin Issam Al Qasimi, Chairman of the Department of Civil Aviation; Sheikh Khalid bin Issam Al Qasimi, Chairman of the Sharjah Civil Aviation Department; Ali Salem Al Madfa, Chairman of Sharjah International Airport Authority; along with several project engineers. Sharjah Airport Authority (SAA) is participating in the Air Cargo Africa Exhibition, which commenced last Wednesday in Nairobi, Kenya. The event brings together major global airports, leading airlines, and air cargo companies, alongside experts and specialists from international aviation and logistics organizations. Strengthening Air Cargo Partnerships Ali Salim Al Midfa, Chairman of Sharjah Airport Authority, emphasized the SAA's commitment to maintaining a strong and active presence at key regional and international events that explore the latest developments in the air cargo industry and best practices in the sector. These gatherings provide an important platform to strengthen strategic partnerships between global airports, aviation, and air cargo companies, fostering collaboration to enhance Sharjah Airport's services and support its growing cargo operations. He further highlighted that such events offer valuable opportunities to explore advanced solutions and technologies in supply chain development and logistics services, particularly across Africa and globally. In addition, they enable the establishment of new partnerships that align with mutual business objectives and drive innovation in cargo handling and logistics operations. Knowledge Exchange and Showcasing Services Ali Salim Al Midfa added that the exhibition serves as an ideal platform for direct engagement, allowing for bilateral coordination meetings with industry experts and decision-makers. It also facilitates knowledge exchange and discussions on the future of air cargo and its role in supporting global trade. Additionally, Sharjah Airport Authority is showcasing its comprehensive aviation and cargo services, highlighting the latest developments in its facilities, particularly in its air cargo centre, which plays a crucial role in supporting logistics operations. A Growing Market with High Potential The African market is one of the fastest-growing emerging markets, driven by diverse economies, expanding trade sectors, and a strategic geographic location that connects continents worldwide. The increasing trade exchanges, export and re-export activities between Africa and the UAE, along with growing tourism and aviation links, have significantly contributed to the rise in passenger and cargo traffic between Sharjah and various African cities. Many of these cities consider Sharjah Airport as a key aviation hub, reinforcing the airport's role in boosting Sharjah's economic growth. Record Growth in Air Cargo Operations In 2024, Sharjah Airport recorded a remarkable 38.5% increase in cargo handling volume, reaching 194,907 tonnes, compared to 141,501 tonnes in 2023. Additionally, the airport processed 14,035 tonnes of sea-air cargo shipments, further demonstrating its growing role as a major logistics hub in the region.
