Dewa to offer higher dividends as 2022 profit surges
The Emirate of Dubai’s exclusive electricity and water services provider said its consolidated revenue in 2022 rose to Dh27.4 billion in 2022.
Dubai Electricity and Water Authority (Dewa) on Wednesday announced exponential growth in its consolidated and standalone revenues and profits for 2022 and indicates that it will be distributing Dh9.9 billion in dividends to the shareholders as against Dh6.2 billion promised earlier.
The Emirate of Dubai’s exclusive electricity and water services provider said its consolidated revenue in 2022 rose to Dh27.4 billion and net profit reached at Dh8 billion while fourth-quarter revenues and net profit stood firm at Dh6.7 billion (up 14 per cent) and Dh1.5 billion (up 25 per cent), respectively.
The power utility, which is listed on the Dubai Financial Market (DFM), said its standalone net profit surged 101 per cent to Dh11.1 billion, which included Dh4.4bn of other income. The key drivers of this other income included Dh2.3 billion dividend received from Empower and Dh1.67 billion of profit from the sale of Empower shares.
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