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Dewa distributes Dh3.1b cash dividends for first half of 2022

The assembly also voted on the recommendation of the board of directors to suspend any further allocation of profit towards legal reserve, considering the company’s legal reserve is currently in excess of 50 per cent of its paid-up share capital

Shareholders of Dubai Electricity and Water Authority (Dewa) have approved the items on the company’s first general assembly agenda, paving the way to distribute Dh3.1 billion cash dividends for first half of 2022.

The meeting, chaired by Matar Humaid Al Tayer, chairman of the board of directors of Dewa, was attended by Saeed Mohammed Al Tayer, managing director and CEO of Dewa, and members of the board of directors of Dewa as well as 90.19 per cent of the shareholders.

The assembly voted on the recommendation of the board of directors concerning a cash dividend distribution of Dh3.1 billion (6.2 fils per share) for the first half of 2022. 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 legal reserve, considering the company’s legal reserve is currently in excess of 50 per cent of its paid-up share capital.

Matar Humaid Al Tayer praised the insightful vision and wise directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, saying tha due to this the Emirate has grown into a thriving and diversified global economy.

“We are proud that Dewa plays a key role in Dubai’s success. Dubai’s rapid development has resulted in a continuous increase in the demand for electricity and water. Dewa has kept pace with Dubai’s growth and developed a world-class infrastructure that will significantly contribute to the Emirate’s appeal as a preferred business and residential destination,” he added.

Saeed Mohammed Al Tayer said Dewa has achieved major milestones since it was listed on the DFM in April 2022.

"In the first half of 2022, revenues were Dh12.08 billion, an increase of 15 per cent compared to the same period in 2021. Net profit in the first half was Dh3.3 billion, an increase of 33 per cent compared to the same period in 2021. These significant results came from a 6.3 per cent growth in electricity demand and a 6.4 per cent 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," he said.

"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," he said.

“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.

"Following the outstanding financial performance in the first half of the year and in line with our stated dividend policy, the board of directors of Dewa has endorsed a dividend of 6.2 fils per share (Dh3.1 billion) for the first half of 2022,” added Al Tayer.

— business@khaleejtimes.com