DEWA rewards shareholders with a Dh9.9 billion dividend for 2022, representing a bonus of 8% or more.

DEWA rewards shareholders with a Dh9.9 billion dividend for 2022, representing a bonus of 8% or more.

The second one-time dividend gives DEWA shareholders a total increase of 60%.

Dubai: DEWA shareholders’ decision to cling onto their shares has paid off as the Dubai utility behemoth announced an additional one-time payout of Dh1.67 billion late on Wednesday (February 8).

Shareholders will receive a remarkable Dh9.9 billion from this for the entire year, which is a 60% increase over the “minimum” annual dividend policy that was announced at the time of the company’s IPO in April of last year.

Later, DEWA announced a special dividend of Dh2.03 billion in December (which was what Empower, the Dubai district cooling company, paid it ahead of its own IPO in November.)

According to all results reported to date, the most recent additional distribution would raise the DEWA dividend yield to over 8%, making it the highest dividend yield from any listed UAE firm for 2022, according to Sameer Lakhani, Managing Director at Global Capital Partners. “In addition to its own operational performance, DEWA also rewards shareholders with the profits from its majority ownership of Empower.

Yes, the dividend and IPO for Empower together accounted for two “one-off occurrences” that produced the 8% plus yield. Bottom line: These are astounding profits for DEWA stockholders.

Empower, a district cooling firm that oversees some of Dubai’s most recognizable developments, successfully completed its own initial public offering (IPO) in November. Empower was one of several Dubai Government-owned companies that went on to list on DFM. The procedure began in April with DEWA’s float.

Several strong numbers

Operationally, DEWA’s financial results for 2022 were “record” levels, with a “consolidated” net profit of Dh8 billion and an increase of 22% from the previous year. The “standalone” profit total was Dh11.1 billion, which is an 11% increase from the previous year.

The separate figure is made up of Dh4.4 billion in “other income.” According to a DEWA statement, “the main drivers of this other income were the Dh2.3 billion dividend received from Empower and the Dh1.67 billion profit from the sale of Empower shares.”

According to Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, “relative to 2021, our gross profit, operational profit, and net profit margins grew.” “DEWA had committed to provide Dh6.2 billion in dividends for the year 2022; however, DEWA now plans to pay Dh9.9 billion.

“Exceptional returns to our stockholders have resulted from the delivery of our strategy.”

Leave a Reply

Your email address will not be published.

Infrastructure projects set to power Real Estate growth in Navi Mumbai & Panvel region in 2024
Latest News

Infrastructure projects set to power Real Estate growth in Navi Mumbai & Panvel region in 2024

Navi Mumbai and Panvel is undergoing a major makeover and is all set to become the next Mumbai 3.0. This is being done in order to decongest the island city, improve connectivity, provide more affordable housing, and bring prosperity to people living across the MMR region. In line with this vision, a number of large […]

Read More
Latest Startups Uncategorized

“Government’s Examination of Chinese Investments in Paytm: 5 Key Developments Unfold

The Indian government is currently scrutinizing the foreign direct investment (FDI) from China in Paytm Payments Services Ltd (PPSL), the payment aggregator subsidiary of One97 Communications Ltd. PPSL had initially applied for a license with the Reserve Bank of India (RBI) in November 2020, but the application was rejected in November 2022. The RBI requested […]

Read More
Latest Politics

Rs.2,500 crore is Allocated to Mahakumbh-2025 in Uttar Pradesh Budget 2024-25

In a landmark move, the Uttar Pradesh Budget-2024-25 has allocated a substantial Rs 2,500 crore for the preparations of the Mahakumbh-2025 in Prayagraj. This significant budgetary provision underscores the government’s commitment to facilitating the grand religious fair, scheduled to span 45 days and culminate with the Mahashivaratri bathing on February 26, 2025. The budget, with […]

Read More