DEWA to distribute over $843m in dividends

The meeting was chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, and was attended by Saeed Mohammed Al Tayer, Managing Director and CEO, as well as members of the board of directors of DEWA and 90.19 percent of the shareholders. The assembly was held on Monday, at the Address Boulevard Hotel Dubai and virtually.

The assembly voted on the recommendation concerning a cash dividend distribution of AED3.1 billion (AED6.2 fils per share) for the first half of this year.

The dividends are intended to be paid to shareholders in October 2022.

The assembly also voted on the recommendation to suspend further allocation of profits towards legal reserve, in consideration that the company’s legal reserve is in excess 50 percent of its share capital.

“Dubai’s rapid development has resulted in a continuous increase in the demand for electricity and water. DEWA has kept pace with Dubai’s growth and developed a world-class infrastructure that will significantly contribute to the Emirate’s appeal as a preferred business and residential destination,” said Matar Humaid Al Tayer, Chairman of DEWA.

“DEWA has achieved major milestones since it was listed on the DFM in April 2022. In the first half of 2022, revenues were AED12.08 billion, an increase of 15 percent compared to the same period in 2021,” said Saeed Mohammed Al Tayer, managing director and CEO of DEWA.

“Net profit in the first half was AED3.3 billion, an increase of 33 percent compared to the same period in 2021. These significant results came from a 6.3 percent growth in electricity demand and a 6.4 percent growth in water demand in the first half of 2022,” he added.

He concluded by thanking all employees, customers, vendors and other stakeholders as well as existing and new investors, explaining that the work and promotion of DEWA’s position as a globally leading sustainable innovative corporation will continue.