Dewa stocks: Dh3.1-billion cash dividend could be up for distribution in October

The authority reports revenues of Dh12.08 billion and a net profit of Dh3.3 billion in the first half of the year



by

A Staff Reporter

Published: Sun 11 Sep 2022, 11:59 AM

Last updated: Sun 11 Sep 2022, 9:44 PM

The Dubai Electricity and Water Authority (Dewa), which is listed on the Dubai Financial Market (DFM), is set to hold its first general assembly on October 10.

The assembly will vote on the recommendation of the Board of Directors concerning a cash dividend distribution of Dh3.1 billion (6.2 fils per share) for the first half of 2022, which would be paid to shareholders in October.

It will also vote on the recommendation of the board to suspend any further allocation of profit towards legal reserve, as the company’s legal reserve is currently in excess of 50 per cent of the share capital.

Dubai Electricity and Water Authority reported revenues of Dh12.08 billion and net profit of Dh3.3 billion in the first half 2022.

Any shareholder who has the right to attend the general assembly may delegate someone — from other than the board members or the staff of the company, or securities brokerage company, or its employees — to attend on his behalf as per a written delegation. A delegated person for a number of shareholders shall not have more than (five per cent) of the company issued capital after gaining that delegation. Those lacking legal capacity and are incompetent must be represented by their legal representatives.

waheedabbas@khaleejtimes.com

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