Dubai Electricity & Water Authority PJSC: A Beacon of Stability Amid Economic Uncertainty
Dubai Electricity & Water Authority PJSC holds a promising meeting, endorsing financial statements and appointing KPMG as the external auditor for the fiscal year ending 31st December 2024.
Summary
The Board of Directors of DEWA recently convened and endorsed financial statements, annual report, and integrated report for 2023. The future of the company looks optimistic, with a stable market cap and a promising financial outlook.
On 7th March 2024, the Dubai Electricity & Water Authority PJSC (DEWA) convened for a significant meeting. The Board of Directors endorsed the audited financial statements, annual report, and integrated report for DEWA in 2023. This endorsement signifies the board's confidence in the company's financial health and its management strategies.
Moreover, the appointment of KPMG as the external auditor for the fiscal year ending 31st December 2024 further bolsters this confidence. KPMG's reputation as a global leader in audit services adds a layer of credibility to DEWA's financial reporting. The agreed fees also indicate the company's readiness to invest in quality auditing services, underlining its commitment to transparency and good governance.
Despite a slight dip in the 1 and 3 Month Yield, DEWA's market cap stands strong at 122 billion. This stability amidst economic fluctuations is a testament to DEWA's robust business model and its ability to weather financial storms. The company's history, established in 1992, and its exclusive provision of electricity and potable water in Dubai, provide a steady stream of business that ensures its resilience in the face of market volatility.
The future of DEWA appears optimistic, with a strong market position, solid financials, and a commitment to transparency. Given these factors, it would be advisable for investors to consider DEWA as a reliable addition to their portfolio. The company's stability and growth potential make it an attractive investment opportunity.
Source
Summary
On 7th March 2024, the Board of Directors of Dubai Electricity and Water Authority PJSC (DEWA) held a meeting. They endorsed the audited financial statements, annual report, and integrated report for DEWA in 2023. They also confirmed the appointment of KPMG as the external auditor for DEWA for the fiscal year ending 31st December 2024 and agreed on their fees. The Board also reviewed general business matters. The notification was conveyed by Aakash Nijhawan, Group Head of Investor Relations.
