Dubai Electricity and Water Authority (DEWA), the primary provider of electricity and water services in the Emirate of Dubai and the majority owner of the largest cooling services provider listed on the Dubai Financial Market (DFM), has announced that its shareholders have approved the payment of a total dividend of AED3.1 billion ($844.18 million). This decision was made during the general assembly held on March 28th, 2024. The dividend has a record date of April 8th, 2024.
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The meeting was chaired by HE Matar Humaid Al Tayer, chairman of the Board of Directors of DEWA, and attended by HE Saeed Mohammed Al Tayer, managing director & CEO of DEWA, members of the DEWA Board of Directors, and 85.9 percent of the shareholders.
For shareholders who hold DEWA shares prior to the dividend record date of April 8th, 2024 (with a Last Entitlement Date of April 4th, 2024), the projected annual dividend yield for the next twelve months is 5.0 percent. This calculation is based on the reference IPO share price of AED2.48 per share.
Remarkable financial results in 2023
DEWA achieved remarkable financial results in 2023, with annual revenue exceeding AED29 billion, operating profit surpassing AED8.7 billion, and EBITDA reaching over AED14.7 billion. These figures represent the highest in DEWA’s history,” stated HE Saeed Mohammed Al Tayer, managing director and CEO of DEWA.
“We recorded the highest annual power generation of 56.1 TWh, which includes clean power generation of 6.2 TWh. We also recorded the highest peak power demand of 10.4 GW. On the water side, we reported the highest annual desalinated water production of 143.3 billion gallons and the highest daily peak water demand of 434 MIG. In line with our sustainability commitment, we achieved annual emissions reduction of over 9.1 million tonnes of CO2 in 2023,” Al Tayer added.
In 2023, DEWA achieved a significant global milestone by attaining the lowest Electricity line loss of 2 percent and the lowest electricity Customer Minutes Lost, with an annual average of 1.06 minutes per customer. Additionally, DEWA accomplished the world’s lowest Water line loss, measuring at 4.6 percent.
Looking towards the future, there is a sense of optimism regarding DEWA’s operating and financial prospects for 2024. Factors such as the increasing tourism, the growth in residential and commercial demand for DEWA’s services, and the rising active day-time population in the Emirate all serve as promising indicators of potential opportunities for further business expansion. Al Tayer expressed confidence in these developments, highlighting the positive outlook for DEWA.
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