I acquired it from Empower for a value of 2.03 billion dirhams
DEWA: Distribution of special dividends for one time to shareholders under study
Saeed Al Tayer: "The performance of (Dewa) and its portfolio of subsidiaries was outstanding during 2022."
The Managing Director and CEO of Dubai Electricity and Water Authority (DEWA), Saeed Mohammed Al Tayer, announced that the authority has received cash profits of 2.03 billion dirhams from the Emirates Corporation for Central Cooling Systems "Empower", of which the authority owns 70%, indicating that the authority obtained on those profits on September 29, 2022.
Al Tayer added in a statement issued by the authority, yesterday, that as a result of the cash dividends it obtained from Empower, DEWA intends to obtain the necessary approvals to pay special dividends for one time to the authority’s shareholders, pointing out that the timing and size of the special dividends are subject to study. .
He explained that these special profits, which will be distributed once, will be an additional payment to shareholders, in addition to the dividend policy announced by the authority, according to which annual dividends of 6.2 billion dirhams are distributed.
Al Tayer stressed that “the performance of DEWA and its portfolio of subsidiaries has been outstanding this year, as it achieved its goals of promoting sustainable growth and supporting the Emirate of Dubai, while maintaining the highest levels of operational performance, providing advanced digital solutions to customers, in addition to working to increase profits for shareholders.
DEWA's dividend policy includes paying a minimum dividend of 6.2 billion dirhams annually over the next five years.
The Dubai Electricity and Water Authority will pay the first dividend payment of 6.2 fils per share (3.1 billion dirhams) for the first half of 2022 on October 26, 2022.
For the second half of 2022, the authority expects to pay 6.2 fils per share (3.1 billion dirhams) in April 2023 (after obtaining all necessary approvals).
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