Dubai: Dewa shareholders to receive Dh3.1-billion cash dividend this week

Dubai Electricity and Water Authority (Dewa) on Tuesday said it would pay its shareholders cash dividend of Dh3.1 billion, or 6.2 fils per share, for the first half of 2023.

The dividend would be paid based on a record date of October 18. The utility services provider’s shareholders will receive dividend via Dubai CSD on October 26.

Dewa’s shareholders had authorised the board of directors to pay the cash dividend on April 10.

The utility services firm’s second quarter 2023 revenues stood at 7.3 billion, while net profit was Dh1.98 billion. For the first half of 2023, its consolidated revenue reached Dh12.7 billion and its net profit was Dh2.7 billion. By the end of H1 2023, the company’s net cash from operating activities increased by a record Dh837 million to Dh5.4 billion.

“We continue to make great progress in the execution of our strategy which is focused on delivering sustainable growth, staying at the forefront of smart and innovative operational excellence, and optimising returns for all our stakeholders while minimising our environmental footprint. We intend to continue to deliver on our growth trajectory, delivering robust cash generation, a strong balance sheet and exceptional returns to shareholders,” said Saeed Mohammed Al Tayer, managing director and CEO of Dewa.

“For our shareholders, this means that Dewa’s strategy is focused on ensuring consistency of returns, durability of growth, and compounding our growth value over time. This forms the basis of our core value proposition to our shareholders,” added Al Tayer.

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