DEWA shareholders approve AED 3.1 billion dividend
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Dubai Electricity and Water Authority (DEWA) reported that its shareholders, at the general meeting held on March 28, 2024, approved the payment of a total dividend of AED 3.1 billion with a record date of April 8, 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 the 85.9 percent of shareholders.
For shareholders who invest in DEWA shares before the dividend record date of April 8, 2024 (with a final entitlement date of April 4, 2024), the dividend yield for the next twelve months is 5.0 percent with reference at the IPO share price of AED 2.48 per share.
Matar Humaid Al Tayer, president of DEWAsaying,
“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 center for trade, finance, tourism and the economy. green. The Dubai Electricity and Water Authority plays a crucial role in ensuring that Dubai’s infrastructure keeps pace with the growing demand for energy and water. Our unwavering efforts have contributed to DEWA’s record of achievements, highlighted the clean energy transition, and established DEWA’s global leadership. “DEWA is focused on the strategic objective of achieving sustainable growth, staying at the forefront of intelligent and innovative operational excellence and optimizing returns for all stakeholders while minimizing its environmental footprint.”
Saeed Mohammed Al Tayer, MD and CEO of DEWA, underlines the commitment to operational excellence and sustainable growth in line with the directives of Dubai’s leadership. In 2023, DEWA achieved historic milestones with annual revenue exceeding AED 29 billion, operating profits exceeding AED 8.7 billion and EBITDA exceeding AED 14.7 billion. Notable achievements include a record power generation of 56.1 TWh, significant clean energy generation and the highest production of desalinated water. DEWA also made progress in reducing emissions and established global benchmarks for low losses in electricity and water lines. Al Tayer expresses optimism for 2024, citing promising indicators such as increased tourism and increased demand for services.
News source: Emirates News Agency
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