Dewa to pay $1.3bln dividend to shareholders

Dewa to pay $1.3bln dividend to shareholders

Dubai Electricity and Water Authority (Dewa) on Monday reported that its shareholders approved the payment of total dividends of Dh4.77 billion with a record date of 20 April 2023.

For shareholders who invested in Dewa’s shares prior to the dividend record date of 20 April 2023 (with a Last Entitlement Date of 18 April 2023), the next twelve-month dividend yield is at 6.3 per cent, considering an IPO share price of Dh2.48 per share. Given a two day settlement time frame, shareholders must be on Dewa’s share register by the last entitlement date of 18 April 2023.

“Dewa’s efforts have strengthened Dubai’s record of achievements, and established its global leadership, especially in the shift towards renewable and clean energy. In 2022, Dewa delivered the best full year consolidated and standalone financial performance in its operating history. As a result, we have increased our dividend payout for the year 2022 by 60 per cent to Dh9.9 billion. Our achievements reflect Dewa’s world-class governance system, efficiency, sustainability, and innovation,” said Matar Humaid Al Tayer, Chairman of the Board of Directors of Dewa.

“2022 marked a transformative year for Dewa as it became a public joint stock sompany and was listed on the Dubai Financial Market