Dubai Electricity and Water Authority (DEWA) reported that its shareholders have, in the general assembly held on 28th March 2024, approved the payment of total dividend of AED 3.1 billion with a record date of 8th April 2024.
The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by Saeed Mohammed Al Tayer, MD and CEO of DEWA, and Members of the Board of Directors of DEWA, as well as 85.9 percent of the shareholders.
For shareholders who are invested in DEWA’s shares prior to the dividend record date of 8th April 2024 (with a Last Entitlement Date of 4th April 2024), the next twelve-month dividend yield is 5.0 percent with reference to IPO share price of AED 2.48 per share.
Matar Humaid Al Tayer, Chairman of DEWA, said,
“Thanks to the insightful vision and wise directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai has become a global hub for trade, finance, tourism, and green economy. Dubai Electricity and Water Authority plays a crucial role in ensuring that Dubai’s infrastructure keeps pace with the increasing demand for energy and water. Our unwavering efforts have contributed to DEWA’s record of achievements, highlighted the transition to clean energy and established DEWA’s global leadership. DEWA is focused on the strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimizing returns for all stakeholders while minimizing its environmental footprint.”
Saeed Mohammed Al Tayer, MD and CEO of DEWA, underscores the commitment to operational excellence and sustainable growth in line with the directives of Dubai's leadership. In 2023, DEWA achieved historic milestones with annual revenue surpassing AED 29 billion, operating profit over AED 8.7 billion, and EBITDA exceeding AED 14.7 billion. Notable achievements include record-breaking power generation of 56.1 TWh, significant clean power generation, and highest desalinated water production. DEWA also made strides in emissions reduction and set global benchmarks for low electricity and water line losses. Al Tayer expresses optimism for 2024, citing promising indicators such as tourism surge and increased demand for services.
News Source: Emirates News Agency
