Skip to content Skip to Search
Skip navigation

Dubai utility provider approves $1.3bn dividend payout  

By Pramod Kumar
Dewa Dewa
Dewa officials at the general assembly meeting. The company increased its dividend payout for 2022 by 60% to AED 9.9 billion

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.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]