DEWA approves payment of AED 4.77bn in dividends to shareholders
Apr 10, 2023
Dubai [UAE], April 10 (ANI/WAM): Dubai Electricity and Water Authority PJSC, which is listed on the Dubai Financial Market (DFM), today reported that its shareholders approved the payment of total dividends of AED 4.77 billion with a record date of April 20, 2023.
This approval came during DEWA's general assembly, which was held today at the Address Boulevard Hotel Dubai as well as virtually.
The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by Saeed Mohammed Al Tayer, MD and CEO of DEWA and Members of the Board of Directors of DEWA as well as 91 per cent of the shareholders.
For shareholders who invested in DEWA's shares prior to the dividend record date of April 20, 2023, (with a Last Entitlement Date of April 18, 2023), the next twelve-month dividend yield is at 6.3 per cent, considering an IPO share price of AED 2.48 per share. Given a two-day settlement time frame, shareholders must be on DEWA's share register by the last entitlement date of April 18, 2023.
Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, said, "Thanks to the insightful vision and directives of the wise leadership of President Sheikh Mohamed bin Zayed al Nahyan, and Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the UAE has become a prominent global player in the green economy, with Dubai consolidating its position as a hub for trade, finance, and tourism.
"Dubai Electricity and Water Authority is a crucial player in ensuring that Dubai's infrastructure keeps pace with the increasing demand for energy and water. Our unwavering 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 AED 9.9 billion. Our achievements reflect DEWA's world-class governance system, efficiency, sustainability, and innovation. Our circular economy strategy supports the ongoing efforts to optimise resource usage and enhance social, economic, and environmental value, promoting sustainability. We have adopted several policies and plans that align with ambitious national strategies."
