DEWA will distribute dividends worth $843mln for H1 2022

DEWA will distribute dividends worth $843mln for H1 2022

Dubai Electricity and Water Authority (DEWA) PJSC held its first General Assembly Meeting on Monday and decided to distribute cash dividends of AED 3.1 billion ($843 million) for H1 2022.

DEWA was listed on Dubai's DFM in April 2022. The dividend, 6.2 fils per share, will be paid to its 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 percent of its paid-up share capital.

DEWA's revenues for H1 2022 stood at AED12.08 billion, an increase of 15% compared to the same period in 2021. Net profit in the first half was AED3.3 billion, an increase of 33% compared to the same period in 2021.

Saeed Mohammed Al Tayer, MD&CEO of DEWA, said: "These significant results came from a 6.3% growth in electricity demand and a 6.4% growth in water demand in the first half of 2022. The number of electricity & water accounts grew by 5.1% in the same period."

"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