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Dewa shareholders approve payment of Dh3.1 billion in dividends

The next twelve-month dividend yield is 5% with reference to IPO share price of Dh2.48 per share

Dubai Electricity and Water Authority (Dewa) reported that its shareholders have, in the general assembly held on Thursday,  approved the payment of total dividend of Dh3.1 billion with a record date of April 8, 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 per cent 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 per cent with reference to IPO share price of Dh2.48 per share.

Matar Humaid Al Tayer, Chairman of Dewa, said, “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 minimising its environmental footprint.”

Saeed Mohammed Al Tayer commented: “Dewa is committed to achieving operational excellence and sustainable growth. In 2023, Dewa’s annual revenue exceeded Dh29 billion, operating profit was over Dh8.7 billion and EBITDA was over Dh14.7 billion, all figures reflecting the highest in its history.

“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. Dewa set a global milestone in 2023 by recording the lowest electricity line loss of 2 per cent, lowest electricity customer minutes lost of 1.06 minutes annually per customer as well as achieving world’s lowest water line loss of 4.6 per cent. Looking ahead, I am optimistic about our operating and financial outlook for 2024. The surge in tourism, growth in the residential and commercial demand for our services and the rising active day-time population in the Emirate are promising indicators of further opportunities to grow our business,” Al Tayer added.