UAE Tecom shares rose 1% after announcing its financial results

2023-05-03 06:28:03

Mohamed Shaker – Mubasher: The share of “Tecom Group”, which is listed on the Dubai Financial Market, rose at the beginning of today’s trading session, Wednesday, following announcing its financial results for the first quarter of this year.

During today’s trading, by 10:16 am UAE time, the stock rose by 1 percent, reaching a price of 2.43 dirhams.

According to market data, the stock witnessed trading volume of 307,559 thousand shares, at a value of 744,767 thousand dirhams, distributed over 5 deals.

The profits of the Tecom Group at the end of the first quarter of this year “before interest, taxes, depreciation and amortization” increased by 14%, to reach 399 million dirhams.

TECOM revenues also increased by 6% year-on-year to reach 514 million dirhams, and a 34% increase in net profit compared to the first quarter of 2022, to reach 255 million dirhams.

The shareholders of the Tecom Group approved a dividend of 200 million dirhams, which was paid in April 2023, following distributing 200 million dirhams in November 2022, which raised the total dividends for the second half of 2022 to 400 million dirhams..

Tecom Group is also committed to paying total dividends of 800 million dirhams annually during the first three years of listing the company’s shares in the market, and the next dividend payment will be distributed in September 2023 for the first half of this year following obtaining the shareholders’ approval..

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