Dubai Electricity and Water Authority (Dewa) on Monday reported that its shareholders approved the payment of total dividends of Dh4.77 billion with a record date of 20 April 2023.

For shareholders who invested in Dewa’s shares prior to the dividend record date of 20 April 2023 (with a Last Entitlement Date of 18 April 2023), the next twelve-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 18 April 2023.

“Dewa’s 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. Our achievements reflect Dewa’s world-class governance system, efficiency, sustainability, and innovation,” said Matar Humaid Al Tayer, Chairman of the Board of Directors of Dewa.

“2022 marked a transformative year for Dewa as it became a public joint stock sompany 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, MD & CEO of Dewa.

“As Dubai’s population continues to grow, so does the demand for electricity and water services. In 2022, there was a 5.56 per cent increase in the demand for power and a 6.45 per cent increase in the demand for water compared to 2021. Dewa has been keeping pace with the growing demand for electricity and water services by developing a world-class infrastructure to provide electricity and water services according to the highest international standards of availability, reliability, efficiency, and quality. Dewa has raised its production capacity to 14,617 megawatts (MW) of electricity and 490 million imperial gallons per day (MIGD) of desalinated water. The production capacity of clean energy in Dubai has increased to around 14.6 per cent of the total capacity. This supports the Dubai Clean Energy Strategy 2050 and Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100 per cent of Dubai’s total power production capacity from clean energy sources by 2050,” added Al Tayer.

Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).