Dubai utility giant DEWA approves $1.3bn dividend

Dubai utility giant DEWA approves $1.3bn dividend

Dubai Electricity and Water Authority (DEWA) shareholders have approved a record dividend of $1.3bn (Dhs4.77bn) for the second half of 2022, bringing the total full-year dividend to Dhs9.9bn compared to the initially promised Dhs6.2bn. The electricity and water utility provider said its shareholders approved the payment of H2 2022 dividend of Dhs3.1bn and a one-time special dividend of Dhs1.67bn. “For shareholders who invested in DEWA’s shares before the dividend record date of April 20, 2023, the next twelve-month dividend yield is at 6.3 per cent considering an IPO share price of Dhs2.48 per share,” the utility firm said in a statement. The company’s consolidated full-year profit surged 22 per cent year-on-year (y-o-y) to a record Dhs8bn in 2022, driven by dividends received from its district cooling services provider Empower and profit collected from the sale of its shares. “DEWA delivered the best full-year consolidated and standalone financial performance in its operating history. As a result, we have increased our dividend for the year 2022 by 60 per cent to Dhs9.9bn,” said Matar Humaid Al Tayer, chairman of DEWA. The utility giant reported a consolidated net profit of Dhs1.5bn in Q4 2022, a 25 per cent y-o-y jump while its quarterly