Utility giant DEWA on track for best year – and shareholders get Dh8.23b in dividend rewards

Utility giant DEWA on track for best year – and shareholders get Dh8.23b in dividend rewards

Dubai: The Dubai utility giant DEWA is on track to deliver its best ‘full-year performance in history’, while shareholders will be rewarded with a Dh8.23 billion dividend payout, including a one-off Dh2.03 billion. DEWA has already paid Dh3.1 billion for H1-2022 on October 26, WHILE THE Dh2.03 will get credited in shareholder accounts next month. In the first nine months, revenue gained 15 per cent to Dh20.63 billion, which was mainly from the rise in demand and a 'transition to normalized tariff structure'. Energy demand in Dubai increased 5 per cent, while that for water was up 6.4 per cent. “Our net profit for the first nine months of 2022 is nearly at par with our full year net profit of 2021," said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA. "These record results are a testament to our focus on delivering our strategic priorities of sustainable and innovative growth. We are well positioned to deliver the best full year financial performance in our history. “DEWA offers an excellent value proposition that is backed by record earnings growth, predictable cash flows and a defined dividend policy." On DFM, the stock is up 0.40 per cent to Dh2.4 by