In its first meeting after listing the “company” on the Dubai Financial Market

DEWA approves distributing cash dividends of 3.1 billion dirhams

During the company's general assembly meeting.

From the source

Shareholders of the Dubai Electricity and Water Authority (DEWA), listed on the Dubai Financial Market, approved the items listed at the company’s first general assembly meeting, yesterday, where a vote was taken on the Board of Directors’ recommendation regarding the distribution of cash dividends of 3.1 billion dirhams (6.2 fils per share) for The first half of the current year, which will be paid to eligible shareholders in October 2022.

In a statement, the authority stated that the board of directors' recommendation to suspend any additional allocation of profits to the legal reserve was also voted on, as the company's legal reserve currently exceeds 50% of the company's paid-up capital.

Mattar Humaid Al Tayer, Chairman of the Board of Directors of Dubai Electricity and Water Authority, said: "Thanks to the insightful vision and wise guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai has strengthened its growth into a prosperous and diversified global economy."

He added: "We are proud that DEWA plays a major role in the success achieved and achieved by the Emirate of Dubai, as the rapid development in the emirate has contributed to an increase in demand for electricity and water services."

He stressed that "the authority keeps pace with the growth process that Dubai is witnessing and is developing a world-class ultra-modern infrastructure that contributes tremendously to enhancing Dubai's position as a preferred global destination for business and residence."

For his part, the Managing Director and CEO of Dubai Electricity and Water Authority, Saeed Mohammed Al Tayer, said that “Dubai Electricity and Water Authority has made great achievements since its listing on the Dubai Financial Market in April 2022, and achieved revenues of 12 billion and 80 million dirhams by the end of the first half.” from 2022, an increase of 15% compared to the same period in 2021.

He added that net profits amounted to 3.3 billion dirhams in the first half of this year, an increase of 33% over the same period in 2021.

Al Tayer indicated that the growth in demand for electricity by 6.3% and the growth of water demand by 6.4% in the first half of 2022 contributed to achieving these good results, pointing out that the number of electricity and water accounts increased by 5.1% in the same period.

He stressed that "the Authority's ongoing projects are progressing well, as this includes investing in clean power plants with the independent product system in the Mohammed bin Rashid Al Maktoum Solar Energy Complex, which is the largest solar energy complex in one site in the world with the independent product system, in addition to To other green investments, including a 250-megawatt pumped-and-storage hydroelectric plant in Hatta and a water desalination plant to produce 40 million gallons of seawater by reverse osmosis.

green energy

Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority, said that to encourage green mobility, the authority provides 336 “green charger” stations for electric cars covering all parts of the Emirate of Dubai, while the authority is working to increase this number to more than 1,000 stations by the year 2025.

He added that there are new projects that come as a result of the authority's strategy to switch to green energy, noting that these projects will translate in the future into strong and sustainable cash flows, which supports the policy of distributing profits and achieving profitable returns on capital for shareholders.

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