Dubai: The Dubai utility giant DEWA is on track to deliver its best ‘full-year performance in history’, while shareholders will be rewarded with a Dh8.23 billion dividend payout, including a one-off Dh2.03 billion (4.06 fils per share). DEWA has already paid Dh3.1 billion for H1-2022 on October 26, WHILE THE Dh2.03 will get credited in shareholder accounts next month.
In the first nine months, revenue gained 15 per cent to Dh20.63 billion, which was mainly from the rise in demand and a 'transition to normalized tariff structure'. Energy demand in Dubai increased 5 per cent, while that for water was up 6.4 per cent.
Net profit for these nine months totals Dh6.47 billion, well over the Dh5.3 billion from last year.
“Our net profit for the first nine months of 2022 is nearly at par with our full year net profit of 2021," said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA. "These record results are a testament to our focus on delivering our strategic priorities of sustainable and innovative growth. We are well positioned to deliver the best full year financial performance in our history.
“DEWA offers an excellent value proposition that is backed by record earnings growth, predictable cash flows and a defined dividend policy."
On DFM, the stock is up 0.40 per cent to Dh2.4 by 12.50. Volumes were at 10.95 million shares traded.
We have made sustained progress towards unlocking shareholder value by paying our first dividend of Dh3.1bn in Oct, (and) by announcing the intention to float our 70% owned subsidiary Empower and recommending the payment of a one-time special dividend of Dh2.03 billion in December. For 2022, we expect to return Dh8.23 billion in dividends
A Guinness entry too
During the third quarter, DEWA got a second entry into the Guinness World Records title for owning and managing the 'largest single-site water desalination facility' in the world, with production capacity of 490 million gallons per day. This is the second world record for the Jebel Ali Power Generation & Water Production Complex. In 2021, itwas confirmed as the 'largest single-site natural gas power generation facility' in the world.