DEWA approves Dh3.1 billion dividends to shareholders

DUBAI / WAM

Dubai Electricity and Water Authority (DEWA) reported that its shareholders have, in the general assembly held on March 28 2024, approved the payment of total dividend of AED 3.1 billion with a record date of 8th April 2024. 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 85.9 percent of the shareholders. For shareholders who are invested in DEWA’s shares prior to the dividend record date of 8th April 2024 (with a Last Entitlement Date of 4th April 2024), the next twelve-month dividend yield is 5.0 percent with reference to IPO share price of AED 2.48 per share.
Matar Humaid Al Tayer, Chairman of DEWA, said, “Thanks to the insightful vision and wise directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai has become a global hub for trade, finance, tourism, and green economy. Dubai Electricity and Water Authority 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. DEWA is focused on the strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimizing returns for all stakeholders while minimizing its environmental footprint.”
Saeed Mohammed Al Tayer, MD and CEO of DEWA, commented, “DEWA is committed to achieving operational excellence and sustainable growth in alignment with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. 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.”
“We recorded the highest annual power generation of 56.1 TWh, which includes clean power generation of 6.2 TWh. We also recorded the highest peak power demand of 10.4 GW. On the water side, we reported the highest annual desalinated water production of 143.3 billion gallons and the highest daily peak water demand of 434 MIG. In line with our sustainability commitment, we achieved annual emissions reduction of over 9.1 million tonnes of CO2 in 2023.”
“DEWA set a global milestone in 2023 by recording the lowest Electricity line loss of 2 percent, lowest electricity Customer Minutes Lost of 1.06 minutes annually per customer as well as achieving world’s lowest Water line loss of 4.6 percent. 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,” Al Tayer added.