Dubai Electricity and Water Authority (DEWA) has scheduled its first general assembly meeting since going public, where the shareholders will vote on the recommendation of the Board of Directors to issue a cash dividend distribution of AED3.1 billion ($840 million) for the first half of 2022.
Dubai’s exclusive electricity and water services provider announced the general assembly will be held physically and virtually on Monday, 10 October.
Once approved, the dividend will be paid to eligible shareholders in October itself.
DEWA reported revenues of AED12.08 billion and net profit of AED3.3 billion in the first half 2022.
The Assembly will also vote on the recommendation of the Board of Directors to suspend any further allocation of profit towards legal reserve as DEWA’s legal reserve is currently in excess of 50 percent of the share capital of the Company.
DEWA said the increase in revenue is directly related to consumption growth across all sectors.
In a statement, Mohammed Al Tayer, managing director and CEO of DEWA, said: “Rise in hospitality and commercial activities in Dubai, in part due to the easing of Covid-related restrictions world-wide, has contributed to the robust demand growth.
“We have ample liquidity on our balance sheet to allow us to pursue growth opportunities. DEWA will continue to make disciplined capital investments, achieving cost savings while growing our footprint and maintaining high level of safety, quality and customer happiness.”
Any shareholder, who has the right to attend the general assembly, may delegate someone other than the Board members or the staff of DEWA, securities brokerage company and DEWA employees to attend on his behalf.
Persons lacking legal capacity and those who are incompetent, must be represented by their legal representatives.
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