Dubai Electricity And Water Authority PJSC Shareholders Okay Payment Of AED 3.1 billion In Dividends
By Ron Chen, Bureau Chief, Asia
The Emirate of Dubai’s exclusive electricity and water services provider and majority owner of the largest cooling services provider, which is listed on the Dubai Financial Market (DFM), Dubai Electricity and Water Authority PJSC ( DEWA), has reported that its shareholders have, in the general assembly held on March 28th, 2024, approved the payment of total dividend of AED 3.1 billion(US$844.1million) with a record date of April 8th, 2024.
General Assembly Details
The meeting, chaired by Chairman of the Board of Directors of DEWA, HE Matar Humaid Al Tayer was attended by MD&CEO of DEWA HE Saeed Mohammed Al Tayer and Members of the Board of Directors of DEWA as well as 85.9 per cent of the shareholders. The assembly was held on Thursday (28th March 2024) at the Kempinski Boulevard Hotel in Dubai as well as virtually.
Attractive Dividend Yield
For shareholders who are invested in DEWA’s shares prior to the dividend record date of April 8th, 2024 (with a Last Entitlement Date of April 4th, 2024), the next twelve-month dividend yield is 5.0 per cent with reference to IPO share price of AED 2.48 per share.
“Thanks to the insightful vision and wise directives of our wise leadership, Dubai has become a global hub for trade, finance, tourism, and green economy. DEWA plays a crucial role in ensuring that Dubai’s infrastructure keeps pace with the increasing demand for energy and water. Our unwavering efforts have contributed to DEWA’s record of achievements, highlighted the transition to clean energy and established DEWA’s global leadership,” said HE Matar Al Tayer.
“Looking ahead, I am optimistic about our operating and financial outlook for 2024. The surge in tourism, growth in the residential and commercial demand for our services and the rising active day-time population in the Emirate are promising indicators of further opportunities to grow our business. In 2023, DEWA’s annual revenue exceeded AED 29 billion, operating profit was over AED 8.7 billion and EBITDA was over AED 14.7 billion, all figures reflecting the highest in its history” said HE Saeed Al Tayer.
