In a pivotal move reflecting strong financial performance, Dubai Electricity and Water Authority (Dewa) has announced the approval of a massive Dh3.1 billion dividend payment by its shareholders. This decision was reached at Dewa’s general assembly, held on Thursday, with the dividend set for distribution on April 8, 2024.
The assembly, led by Dewa’s Chairman Matar Humaid Al Tayer, saw the presence of Saeed Mohammed Al Tayer, Managing Director and CEO of Dewa, along with board members and an impressive 85.9 percent of shareholders. This gathering marked a significant milestone in Dewa’s journey, underscoring its robust financial health and commitment to shareholder value.
Shareholders invested in Dewa’s shares before the dividend record date (April 8, 2024) can expect a twelve-month dividend yield of 5.0 percent, based on the IPO share price of Dh2.48. This rate is a testament to the company’s strong financial position and its consistent ability to deliver value to its investors.
Matar Humaid Al Tayer, at the assembly, highlighted Dewa’s critical role in supporting Dubai’s infrastructure amidst growing energy and water demands. “Dewa’s record achievements, transition to clean energy, and global leadership are all part of our strategic objective. We are dedicated to delivering sustainable growth, operational excellence, and optimizing returns for all stakeholders, while minimizing our environmental impact,” he stated.
Saeed Mohammed Al Tayer elaborated on Dewa’s operational and financial achievements. In 2023, Dewa reported record-breaking annual revenue exceeding Dh29 billion, an operating profit of over Dh8.7 billion, and EBITDA surpassing Dh14.7 billion. These figures not only reflect Dewa’s financial success but also its operational excellence.
“Dewa achieved the highest annual power generation of 56.1 TWh, including 6.2 TWh of clean power generation. We also experienced the highest peak power demand at 10.4 GW and record desalinated water production,” said Saeed Mohammed Al Tayer. He further emphasized Dewa’s commitment to sustainability, with a notable reduction of over 9.1 million tonnes of CO2 emissions in 2023.
Underpinning these achievements are world-leading performance indicators, including the lowest electricity line loss at 2 percent, minimal customer minutes lost annually, and the lowest water line loss globally at 4.6 percent. These accomplishments position Dewa not just as a utility provider but as a global leader in efficiency and sustainability.
Looking forward, Saeed Mohammed Al Tayer expressed optimism about Dewa’s 2024 outlook, citing Dubai’s growing tourism, rising residential and commercial demand, and an increasing daytime population as key drivers for further business growth. The dividend payout and the optimistic outlook underline Dewa’s robust position in the energy sector, marking a promising future for the company and its stakeholders.
