• Shareholders approved the dividend payment of AED 3.1 billion for H2 of 2023
  • Record date for dividends is set for 8 April 2024 with distributions intended to occur thereafter  

Dubai, UAE: Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider and majority owner of the largest cooling services provider, which is listed on the Dubai Financial Market (DFM), reported that its shareholders have, in the general assembly held on March 28th, 2024,  approved the payment of total dividend of AED 3.1 billion with a record date of April 8th, 2024.

General Assembly Details

The meeting, chaired by HE Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by HE Saeed Mohammed Al Tayer, MD&CEO of DEWA and Members of the Board of Directors of DEWA as well as 85.9% of the shareholders. The assembly was held on Thursday (28th March 2024) at the Kempinski Boulevard Hotel in Dubai as well as virtually.

Attractive Dividend Yield

For shareholders who are invested in DEWA’s shares prior to the dividend record date of April 8th, 2024 (with a Last Entitlement Date of April 4th, 2024), the next twelve-month dividend yield is 5.0% with reference to IPO share price of AED 2.48 per share.

Quotes

"Thanks to the insightful vision and wise directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai has become a global hub for trade, finance, tourism, and green economy. Dubai Electricity and Water Authority plays a crucial role in ensuring that Dubai’s infrastructure keeps pace with the increasing demand for energy and water. Our unwavering efforts have contributed to DEWA’s record of achievements, highlighted the transition to clean energy and established DEWA’s global leadership. DEWA is focused on the strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimizing returns for all stakeholders while minimizing its environmental footprint,” said HE Matar Humaid Al Tayer, Chairman of DEWA.

“DEWA is committed to achieving operational excellence and sustainable growth in alignment with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. In 2023, DEWA’s annual revenue exceeded AED 29 billion, operating profit was over AED 8.7 billion and EBITDA was over AED 14.7 billion, all figures reflecting the highest in its history” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.

“We recorded the highest annual power generation of 56.1 TWh, which includes clean power generation of 6.2 TWh. We also recorded the highest peak power demand of 10.4 GW. On the water side, we reported the highest annual desalinated water production of 143.3 billion gallons and the highest daily peak water demand of 434 MIG. In line with our sustainability commitment, we achieved annual emissions reduction of over 9.1 million tonnes of CO2 in 2023. DEWA set a global milestone in 2023 by recording the lowest Electricity line loss of 2%, lowest electricity Customer Minutes Lost of 1.06 minutes annually per customer as well as achieving world’s lowest Water line loss of 4.6%.  Looking ahead, I am optimistic about our operating and financial outlook for 2024. The surge in tourism, growth in the residential and commercial demand for our services and the rising active day-time population in the Emirate are promising indicators of further opportunities to grow our business,” added Al Tayer.

More information can be found at DEWA’s website: https://www.dewa.gov.ae/en/investor-relations
Or DFM’s website
https://www.dfm.ae/en/issuers/listed-securities/securities/company-profile-page?id=DEWA

For investor relations, please contact: dewainvestors@dewa.gov.ae
For media, please contact: media@dewa.gov.ae

About Dubai Electricity and Water Authority PJSC

DEWA was created in 1992 as a result of the merger of the Dubai Electricity Company and the Dubai Water Department. DEWA is the exclusive electricity and water utility provider in Dubai. DEWA listed on the Dubai Financial Market in April, 2022. DEWA's attractive business profile as viewed by investors has led to the historic success of this  public listing that attracted US$ 85 billion demand and 37 times oversubscription. The Group generates, transmits and distributes electricity and potable water to end users throughout Dubai. DEWA owns 56% of Empower, currently the world’s largest district cooling services provider by connected capacity, and owns, manages, operates and maintains district cooling plants and affiliated distribution networks across Dubai. The Group also comprises a number of other businesses including Mai Dubai, a manufacturer and distributor of bottled water, Digital DEWA, a digital business solutions company, and Etihad ESCO, a company focused on the development and implementation of energy efficient solutions. To learn more, visit http://www.dewa.gov.ae

Cautionary statements relevant to forward-looking information

This news release contains forward-looking statements relating to DEWA’s operations that are based on management’s current expectations, estimates and projections about the energy industry and other relevant industries that DEWA operates in. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” ”guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, DEWA undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

-Ends-

For more information, please contact:
Shaikha Almheiri / Mohammad Almheiri / Ribal Dayekh                                                       Afaf Abaza / Mohammed Meshal
Dubai Electricity and Water Authority                                                                                   Hattlan Media
shaikha.almheiri@dewa.gov.ae / Mohammad.almheiri@dewa.gov.ae / Ribal.Dayekh@dewa.gov.ae                                 
afaf@hattlan.com / mohammed@hattlan.com

For more information, please visit DEWA’s website www.dewa.gov.ae
DEWA’s social media accounts:
 https://www.facebook.com/dewaofficial
 https://www.youtube.com/dewaofficial
 https://twitter.com/dewaofficial
 https://www.instagram.com/dewaofficial
 https://www.linkedin.com/company/dewaofficial