Dubai Electricity and Water Authority (DEWA) held its first General Assembly Meeting and decided to distribute cash dividends of 3.1 billion dirhams ($843 million) for H1 2022.
DEWA was listed on Dubai’s DFM in April 2022. The dividend, 6.2 fils per share.
This is intended to be paid to the Company’s eligible shareholders in October 2022. The Assembly also voted on the recommendation of the Board of Directors to suspend any further allocation of profit towards the legal reserve, considering the Company’s legal reserve is currently in excess of 50 percent of its paid-up share capital.
Saeed Mohammed Al Tayer, MD&CEO of DEWA, said, “DEWA has achieved major milestones since it was listed on the DFM in April 2022. In the first half of 2022, revenues were 12.08 billion dirhams, an increase of 15 percent compared to the same period in 2021. Net profit in the first half was 3.3 billion dirhams, an increase of 33 percent compared to the same period in 2021. These significant results came from a 6.3 percent growth in electricity demand and a 6.4 percent growth in water demand in the first half of 2022. The number of electricity & water accounts grew by 5.1 percent in the same period. Our ongoing projects are progressing well and this includes investment in clean power IPPs at Mohammed Bin Rashid Al Maktoum Solar Park, the largest single-site IPP-based solar park in the world; and other green investments like the 250MW Hatta pumped storage project and the 40MIGD Seawater Reverse Osmosis plant. To encourage green transport, DEWA has installed 336 Green Charging stations for electric vehicles across Dubai and we plan to increase this number to over 1,000 stations by 2025.”
“Our transition to a green energy strategy is driving new projects which will translate into sustainable future cash flows, support our dividend policy and provide attractive future capital growth for our shareholders,” added Al Tayer.