DEWA's dividends emerge from strong H1-2022 revenue and profit gains. (Pictured: Matar Humaid Al Tayer, Chairman of DEWA and Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA) Image Credit: Supplied

Dubai: The Dubai utility DEWA will not be making any further allocation of its profits to the legal reserve, given that the current levels are already well over 50 per cent of the paid up capital.

DEWA also confirmed the payout process for its first dividend post the IPO, which will total Dh3.1 billion (or 6.2 fils a share.). The yield thus works out to 4.96 per cent on an annualized basis.

“DEWA has kept pace with Dubai’s growth and developed a world-class infrastructure that will significantly contribute to the emirate’s appeal as a preferred business and residential destination,” said Matar Humaid Al Tayer, Chairman of DEWA.

DEWA recorded ‘major milestones’ since the DFM listing in April. In the first half of 2022, revenues were Dh12.08 billion, a gain of 15 per cent, while net profit was Dh3.3 billion, a 33 per cent increase.

These results were derived with the help of a 6.3 per cent growth in electricity demand and 6.4 per cent on water.

“Our ongoing projects are progressing well and this includes investment in clean power IPPs at Mohammed Bin Rashid Al Maktoum Solar Park, the largest single-site IPP-based solar park in the world; and other green investments like the 250MW Hatta pumped storage project and the 40MIGD Seawater Reverse Osmosis plant,” said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA.