The AGM was attended by 89.43 per cent of the shareholders. Image Credit: Supplied

Utility company Dubai Electricity and Water Authority held its second general assembly for the year on Monday, during which shareholders approved a one-time special dividend of Dh2.03 billion with a record date of December 22, 2022 (with a last entitlement date of December 20, 2022). This comes to 4.06 fils per share.

For shareholders who invest in DEWA’s shares prior to the dividend record date of December 22, the next twelve-month dividend yield is at 6.64 per cent, at an IPO share price of Dh2.48 per share.

The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by Saeed Mohammed Al Tayer, MD & CEO of DEWA, and members of the Board of Directors, as well as 89.43 per cent of the shareholders.

“DEWA has achieved record results this year with net profit in the first nine months of 2022 up by 21 per cent compared to the same period of last year. In fact, DEWA is on track to record the best full year financial performance in its history,” said Matar Humaid Al Tayer.

“We have increased the dividend payout to shareholders for the year 2022 from Dh6.2 billion to Dh8.23 billion. At an IPO subscription share price of Dh2.48 / share, DEWA’s 2022 dividend yield is 6.64 per cent. This dividend yield is more attractive than most companies listed on the ADX, DFM, and Tadawul, as well as other global utility companies,” said Saeed Mohammed Al Tayer.