Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), today reported that its shareholders approved the payment of total dividends of AED 4.77 billion with a record date of 20 April 2023. This was approved at DEWA’s general assembly, which was held today (Monday, 10 April 2023) at the Address Boulevard Hotel Dubai as well as virtually.
General Assembly Details
The meeting, chaired by HE Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by HE Saeed Mohammed Al Tayer, MD&CEO of DEWA and Members of the Board of Directors of DEWA as well as 91% of the shareholders.
Attractive Dividend Yield
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%, considering an IPO share price of AED 2.48 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.
Vision of the wise leadership
“Thanks to the insightful vision and directives of the wise leadership of HH Sheikh Mohamed bin Zayed AL Nahyan, President of the UAE, and HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE has become a prominent global player in the green economy, with Dubai consolidating its position as a hub for trade, finance, and tourism. Dubai Electricity and Water Authority 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% to AED 9.9 billion. Our achievements reflect DEWA's world-class governance system, efficiency, sustainability, and innovation. Our circular economy strategy supports the ongoing efforts to optimise resource usage and enhance social, economic, and environmental value, promoting sustainability. We have adopted several policies and plans that align with ambitious national strategies,”
said HE Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA.
“I would like to thank our shareholders for their unwavering support and trust in DEWA. We remain committed to delivering sustainable value to all our stakeholders. I also extend my thanks to DEWA's management team and dedicated staff, who work tirelessly to ensure that we continue to provide reliable and efficient services to our customers. Their commitment, hard work, and passion have been the driving force behind our success, and we remain committed to providing them with the support they need to continue to excel,”
added HE Matar Humaid Al Tayer.
Exceptional Returns for Shareholders
“At DEWA, our commitment to excellence and sustainable growth is aligned with the Year of Sustainability in the UAE, which was announced by HH Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE. Our efforts also support COP28, the world's largest climate conference that the UAE will host this year with the vision and directives of HH Sheikh Mohamed bin Zayed Al Nahyan and HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
We also work to achieve the directives of HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance.
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 AED 8 billion, a 23% increase over the previous year. As a result, the company exceeded its commitment to its shareholders, by paying AED 9.9 billion in dividends for 2022 compared to the initially promised AED 6.2 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 HE 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% increase in the demand for power and a 6.45% 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% of the total capacity. This supports the Dubai Clean Energy Strategy 2050 and Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power production capacity from clean energy sources by 2050,”
added Al Tayer.
HE Saeed Al Tayer thanked all DEWA’s investors and shareholders for their support and trust. He welcomed the new shareholders, and urged them to review DEWA’s integrated report 2022, which is available on DEWA’s website and DFM website.
News Source: Dubai Media Office