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Dubai: Dewa shareholders to receive cash dividend of Dh3.1 billion this week – News

At the end of the first half of 2023, the company’s net cash from operating activities increased by a record Dh837 million to Dh5.4 billion.



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Published: Tue Oct 24, 2023, 2:40 p.m.

Dubai Electricity and Water Authority (Dewa) said on Tuesday it would pay its shareholders a 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 the record date of October 18. Shareholders of the utility provider will receive the dividend through Dubai CSD on October 26.

Dewa shareholders had authorized the board of directors to pay the cash dividend on April 10.

The utility’s revenue in the second quarter of 2023 amounted to Dh7.3 billion, while net profit was Dh1.98 billion. During the first half of 2023, its consolidated revenue reached Dh12.7 billion and its net profit was Dh2.7 billion. At the end of the first half of 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 executing our strategy, which is focused on achieving sustainable growth, staying at the forefront of intelligent and innovative operational excellence and optimizing returns for all our stakeholders while minimizing our environmental footprint. We intend to continue to deliver on our growth trajectory, delivering strong cash generation, a strong balance sheet and exceptional shareholder returns,” said Saeed Mohammed Al Tayer, President and CEO of Dewa.

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



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