Dubai utility provider approves $1.3bn dividend payout  

Shareholders of state-owned utility provider Dubai Electricity and Water Authority (Dewa) have approved the payment of total dividends of AED4.77 billion ($1.30 billion) as of April 20, 2023.

The 12-month dividend yield for shareholders stands at 6.3 percent, considering the IPO price of AED2.48 per share, state-run WAM news agency reported

Shareholders must be on Dewa’s share register by the last entitlement date of April 18.

Chairman Matar Humaid Al Tayer said: “In 2022, Dewa delivered the best full-year consolidated and standalone financial performance in its operating history. As a result, we have increased our dividend payout for 2022 by 60 percent to AED 9.9 billion.”

In February, Dewa reported a net profit of AED8 billion ($2.18 billion) in 2022, up 22 percent year-on-year, due to higher power and water demand.

Consolidated revenue increased 15 percent year-on-year to AED27.35 billion in 2022.

Net profit and revenue for the fourth quarter of 2022 stood at AED1.5 billion and AED6.7 billion, respectively.

In April 2022, Dewa was listed as a public company on the Dubai Financial Market (DFM), the largest utility IPO globally since 2008.

Further, Empower was listed on the DFM in November 2022. Dewa currently owns 56 percent of Empower.