Dubai utility DEWA proposes Dh3.1 billion dividend for H1-2023

Dubai: The Dubai utility giant DEWA is proposing a Dh3.1 billion cash dividend for the first half of 2023, on October 2023.

The company said in a filing to the Dubai Financial Market, where its shares are traded, that the board will meet on Thursday, August 10.

DEWA reported consolidated revenue of Dh5.44 billion (up 7.3 per cent) and net profit of Dh763 million (up 10.4 per cent) for the first quarter of 2023.

For the last twelve months, the utility’s consolidated revenue was Dh27.7 billion and net profit was Dh8.1 billion.

The revenue increase was mainly driven by an increase in demand for electricity, water, and cooling services as well as an increase in the revenues of DEWA’s other portfolio of assets. Quarterly revenue growth for electricity, water and cooling services increased by 7.2 per cent, 7 per cent and 4.6 per cent, respectively. DEWA’s other portfolio of assets grew their revenue by 11.2 per cent.