Dubai Electricity and Water Authority has announced that its shareholders have approved the payment of total dividends of AED4.77 billion ($1.3 billion) with a record date of April 20.

 

The investor go-ahead came during Dewa’s general assembly held today (April 10) in the presence of Matar Humaid Al Tayer, the Chairman of the Board of Directors at Dewa as well as MD and CEO Saeed Mohammed Al Tayer and the shareholders.

 

For shareholders who invested in Dewa’s shares prior to the dividend record date (with a last entitlement date of April 18, 2023), the next 12-month dividend yield is at 6.3%, considering an IPO share price of AED2.48 per share. 

 

Given a two-day settlement time frame, shareholders must be on Dewa’s share register by the last entitlement date of April 18.

 

Matar Humaid Al Tayer, Chairman of the Board of Directors, said Dewa's unwavering efforts have strengthened Dubai's record of achievements, and established its global leadership, especially in the shift towards renewable and clean energy. 

 

"In 2022, Dewa delivered the best full year consolidated and standalone financial performance in its operating history," stated Al Tayer. 

 

"As a result, we have increased our dividend payout for 2022 by 60% to AED9.9 billion. Our achievements reflect Dewa's world-class governance system, efficiency, sustainability, and innovation," he added.