Dubai: Shareholders of Dubai Electricity and Water Authority PJSC approved the payment of total dividends of Dh4.77 billion on Monday, including an H2-2022 dividend of Dh3.1 billion and a special one-time dividend of Dh1.67 billion.
For shareholders who invested in DEWA’s shares prior to the dividend record date of April 20, 2023 (with a last entitlement date of April 18, 2023), the next 12-month dividend yield is at 6.3 per cent, considering an IPO share price of Dh2.48 per share. Given a two-day settlement time frame, shareholders must be on DEWA’s share register by the last entitlement date of April 18, 2023.
The meeting was chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, and attended by Saeed Mohammed Al Tayer, MD & CEO of DEWA, along with board of directors and 91 per cent shareholders.
“DEWA is a crucial player in ensuring that Dubai’s infrastructure keeps pace with the increasing demand for energy and water. Our unwavering efforts have strengthened Dubai’s record of achievements, and established its global leadership, especially in the shift towards renewable and clean energy. In 2022, DEWA delivered the best full year consolidated and standalone financial performance in its operating history. As a result, we have increased our dividend payout for the year 2022 by 60 per cent to Dh9.9 billion,” said Matar Humaid Al Tayer.
“2022 marked a transformative year for DEWA as it became a Public Joint Stock Company and was listed on the Dubai Financial Market (DFM) in April, becoming the largest listed company on the DFM by market capitalisation. In 2022, DEWA achieved record-breaking results, with increased gross, operating and net profit margins relative to 2021. DEWA’s consolidated net profit for the year reached Dh8 billion, a 23 per cent increase over the previous year. As a result, the company exceeded its commitment to its shareholders, by paying Dh9.9 billion in dividends for 2022 compared to the initially promised Dh6.2 billion. These impressive results reflect the successful execution of our strategy, the application of our world-class governance system, and our unwavering commitment to operational efficiency, innovation, and customer happiness, thereby maximising shareholder value,” said Saeed Mohammed Al Tayer.
