Dewa shareholders approve dividend payment of $1.29 billion

The Dubai utility achieved record results and delivered its best financial performance last year

Dewa was listed as a public company on the DFM in April last year. AFP

The Dubai Electricity and Water Authority on Monday said its shareholders have approved the payment of total dividends of Dh4.77 billion ($1.29 billion) for April 20, 2023.

Dewa achieved record results and delivered its best financial performance and growth in 2022.

Consolidated net profit in the full 2022 fiscal year soared 22 per cent annually to about Dh8 billion, the company said in February. Revenue for the period jumped 15 per cent to Dh27.4 billion, the utility said.

"As a result, we have increased our dividend payout for the year 2022 by 60 per cent to Dh9.9 billion," Mattar Al Tayer, chairman of Dewa's board of directors, said while chairing the company's general assembly.

"We remain committed to delivering sustainable value to all our stakeholders."

Dewa's board approved the distribution of a "cash dividend amounting to Dh3.1 billion (6.2 fils a share) for the second half of 2022", to be paid in April 2023, the utility said in a bourse filing to the Dubai Financial Market, where its shares are listed.

It also approved a one-time special cash dividend of Dh1.67 billion (3.34 fils a share), resulting from the partial sale of the company’s share in Empower, to be paid in the same month.

Dewa said it also approved a cash dividend of Dh3.1 billion (6.2 fils a share) for the first half of 2023, to be paid in October.

In April last year, Dewa was listed as a public company on the DFM. In November, Dewa's subsidiary, Emirates Central Cooling Systems Corporation (Empower), raised more than Dh2.6 billion through its initial public offering, which was 47 times oversubscribed.

"2022 marked a transformative year for Dewa … Our commitment to excellence and sustainable growth is aligned with the Year of Sustainability in the UAE," said Saeed Al Tayer, managing director and chief executive of Dewa.

The company is well positioned to deliver on its energy transition ambitions to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050, to provide 100 per cent of the energy production capacity from clean sources by 2050, he added.

The Dubai utility added 51,089 new customers last year, up nearly 4.6 per cent from 2021.

It said on Saturday that it was ready to launch a second nanosatellite this month that will help further improve its network.

In February, Dewa also announced plans to use ChatGPT technology to boost its digital offerings and support its services.

The move will make the company “the first utility globally and the first UAE government entity to use this new technology”, it said at the time.