Dubai, UAE — Dubai Electricity and Water Authority (DEWA) said Thursday its shareholders have approved the payment of total dividend of AED 3.1 billion ($844m).
For shareholders who are invested in DEWA’s shares prior to the dividend record date of 8th April 2024 (with a Last Entitlement Date of 4th April 2024), the next 12-month dividend yield is 5 percent with reference to IPO share price of AED 2.48 per share.
Saeed Mohammed Al Tayer, MD and CEO of DEWA, commented, “DEWA is committed to achieving operational excellence and sustainable growth in alignment with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. In 2023, DEWA’s annual revenue exceeded AED 29 billion, operating profit was over AED 8.7 billion and EBITDA was over AED 14.7 billion, all figures reflecting the highest in its history.”
“We recorded the highest annual power generation of 56.1 TWh, which includes clean power generation of 6.2 TWh. We also recorded the highest peak power demand of 10.4 GW. On the water side, we reported the highest annual desalinated water production of 143.3 billion gallons and the highest daily peak water demand of 434 MIG,” Al Tayer said.
“In line with our sustainability commitment, we achieved annual emissions reduction of over 9.1 million tons of CO2 in 2023. DEWA set a global milestone in 2023 by recording the lowest Electricity line loss of 2 percent, lowest electricity Customer Minutes Lost of 1.06 minutes annually per customer as well as achieving world’s lowest Water line loss of 4.6 percent. Looking ahead, I am optimistic about our operating and financial outlook for 2024. The surge in tourism, growth in the residential and commercial demand for our services and the rising active day-time population in the Emirate are promising indicators of further opportunities to grow our business,” he added.
