by robingalleghan
DUBAI, Nov 10 (Reuters) – Dubai Electricity and Water Authority reported a 10% increase in third-quarter net profit to 3.17 billion dirhams ($863 million) on Thursday, boosted by higher energy and water demand in the emirate.
Its shares were 1.2% higher at 0800 GMT.
The utility company’s $6.1 billion listing on Dubai’s stock exchange earlier this year was the emirate’s biggest ever, and part of a broader strategy to float state-linked companies to boost investment and liquidity, as well as diversify its economy.
DEWA’s net profit for the first nine months of the year was up 21% on the same period of last year, Buy Fake Aed 500 Online according to a company statement.
Total revenues for the third quarter hit 8.55 billion dirhams, up 15% year on year, while year to date revenue was also up 15%.
The company said rising energy and water demand in Dubai during the year – up 5% and 6.4% respectively – were key factors behind its financial performance.
DEWA intends to pay a dividend to shareholders of 8.23 billion dirhams for the year, which includes a one time special dividend of 2.03 billion to be paid in December once approved.The company has committed to a dividend payment of 6.2 billion dirhams per year over the next five years.
DEWA owns 70% of cooling company Empower, which is due to list on the stock exchange this month after it raised 2.66 billion dirhams from its initial public offering.
($1 = 3.6729 UAE dirham) (Reporting by Rachna Uppal Editing by Mark Potter)
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