Dubai, UAE — Dubai Electricity and Water Authority (DEWA), Dubai’s exclusive electricity and water services provider, will pay its shareholders a dividend of AED 3.1 billion ($843 million) or 6.2 fils per share for the first half of 2023.
On 10th April 2023, DEWA’s shareholders authorized and delegated the Board of Directors of DEWA to pay a cash dividend of AED 3.1 billion (6.2 fils per share) for the first half of 2023 in October 2023.
The Board of Directors of DEWA authorized the payment of H1 2023 dividend on 10th August 2023, with a record date of 18th October 2023.
On 26th October 2023, the dividend will be paid to all shareholders via Dubai CSD.
“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, MD and CEO of DEWA.
DEWA reported a revenue of AED 7.3 billion ($2bn) in second quarter of 2023, while its net profit was AED 1.98 billion ($540m).
For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion ($3.46bn) and net profit was AED 2.7 billion ($740m).
By the end of H1 2023, the company’s net cash from operating activities increased by a record AED 837 million (227.88m) to AED 5.4 billion ($1.47bn), representing a 18.2 percent increase versus the same period for the last year.
