Dubai, UAE—Dubai Electricity and Water Authority (DEWA) shareholders have approved a one-time special dividend of AED 2.03 billion ($552m) with a record date of 22 December 2022.
DEWA, which is listed on the Dubai Financial Market, held its second general assembly for 2022 under the chairmanship of Matar Humaid Al Tayer, Chairman of the Board of Directors.
For the shareholders who invest in DEWA’s shares prior to the dividend record date of 22 December 2022 (with a last entitlement date of December 20), the next twelve-month dividend yield is at 6.64 percent, at an IPO share price of AED 2.48 per share.
Al Tayer said the company has increased the dividend payout to shareholders for 2022 from AED 6.2 billion to AED 8.23 billion. He said DEWA’s net profit for the first nine months of 2022 was 21 percent higher than the same period last year. In fact, the nine-month profit is nearly at par with the full-year net profit for 2021.
“DEWA is on track to record the best full year financial performance in its history,” said Al Tayer.
“This dividend yield is more attractive than most companies listed on the ADX, DFM, and Tadawul, as well as other global utility companies,” said Al Tayer.