Dubai’s DEWA to pay interim dividend of $844mln; Q1 net profit jumps 19%

Dubai’s DEWA to pay interim dividend of $844mln; Q1 net profit jumps 19%

It attributed the increase to consumption growth across all sectors, and transition to a normalised tariff structure at the start of the year.

“Rise in hospitality and commercial activities in Dubai, in part due to the easing of COVID-related restrictions world-wide, has contributed to the robust demand growth,” the company said in a press release alongside its Q1 2022 financial results, which were published today to Dubai Financial Market (DFM).

“We have ample liquidity on our balance sheet to allow us to pursue growth opportunities. DEWA will continue to make disciplined capital investments, achieving cost savings while growing our footprint and maintaining high level of safety, quality and customer happiness,” Mohammed Al Tayer, managing director and CEO of DEWA, said.

“We are committed to creating incremental shareholder value and to providing dividend visibility to our shareholders.”

DEWA currently provides services to 3.5 million Dubai residents, and the emirate’s active daytime population of over 4.7 million. These numbers are expected to grow to 5.8 million and 7.8 million respectively by 2040, it said.

“DEWA’s growth plans are aligned to Dubai’s 2040 Urban Master Plan, Dubai’s Clean Energy Strategy 2050 and Dubai’s Net Zero Carbon Emissions Strategy 2050 which aims to provide 100 percent of Dubai’s energy