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DEWA shareholders set to vote on $844m dividend

Office Building, Building, Convention Center WAM
Shareholders will vote on the recommendation of the board to suspend any further allocation of profit towards legal reserves.

Dubai-listed Dubai Electricity and Water Authority PJSC (DEWA) shareholders will vote on the board’s recommendation for a cash dividend of AED 3.1 billion ($843.97 million) for the first half of 2022, WAM, the UAE state news agency, reported.

The proposed dividend will be paid to eligible shareholders in October. 

The assembly, which will be held on October 10, will also vote on the recommendation of the board to suspend any further allocation of profit towards legal reserve, as the company’s legal reserve is currently more than 50 percent of its share capital.

In August, DEWA reported a net profit of AED 2.61 billion, up 37 percent year-on-year, in the second quarter of 2022, on higher energy demand.

Revenue rose 14 percent year-on-year to AED 7.01 billion in Q2 2022.

The company went public on the Dubai Financial Market in April, raising $6.1 billion, making it the region’s largest listing since Saudi Aramco’s record $29.4 billion initial public offering in December 2019.