Dubai Electricity and Water Authority reported its full year 2024 preliminary and unaudited consolidated financial results. DEWA Group recorded consolidated full year revenue of AED30.98 billion ($8.43 billion), EBITDA of AED15.70 billion ($4.27 billion) and net profit after tax of AED7.24 billion ($1.97 billion). For Q4, 2024, DEWA Group reported revenue of AED7.45 billion, EBITDA of AED3.95 billion and net profit after tax of AED1.76 billion.
As per DEWA’s dividend policy, the company expects to pay a minimum annual dividend of AED6.2 billion in the first five years starting October 2022. The dividends are paid semi-annually in April and October. On October 31, 2024, DEWA distributed AED 3.1 billion as dividend for H1, 2024 to its shareholders, based on a record date of October 18, 2024. The upcoming dividend of AED3.1 billion for H2, 2024 is expected to be distributed in April 2025, subject to approval by DEWA’s shareholders at the annual general assembly. The issuance of invitations to DEWA’s upcoming annual general assembly is subject to approval by the Securities and Commodities Authority of the UAE, according to a company statement.
High standards of excellence and sustainability
“We are committed to the high standards of excellence and sustainability inspired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE. With their guidance, DEWA will continue to play a decisive role in Dubai’s rapid progress,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA.
Read more | UAE: MoHESR and DEWA collaborate to enhance scholarship program for Emirati students
“The 2050 Net Zero target envisioned by our wise leadership is the driver of DEWA’s long term strategy. For 2024, our record revenue of around AED31 billion and EBITDA of AED16 billion, are a result of enforcing sustainability and excellence in all our plans and activities. Today, approximately 17.8 percent of our installed generation capacity is clean, and we are determined to remain above the curve during DEWA’s energy transition journey. Our network serves over 1.27 million customer accounts and has been acknowledged world-over for achieving the lowest line losses in electricity (2 percent), water (4.5 percent), and the lowest Customer Minutes Lost of less than one minute per year.
“We strive to utilise the potential of digitalization and AI-based tools to achieve further milestones in operating efficiency and superior customer service.
Achieving top global rankings
DEWA ranked first globally in 12 KPIs within its areas of work, according to a study conducted by specialised international consultants. In another historic achievement, the Authority is the first utility in the Middle East and North Africa to win the Energy Infrastructure Award at the prestigious 2024 S&P Global Platts Energy Awards for the Mohammed bin Rashid Al Maktoum Solar Park, outperforming 1,000 leading companies that applied for this global honour,” added Al Tayer.
The company said its consolidated annual revenue increased by 6.18 percent to AED30.98 billion in 2024 primarily driven by rising demand for electricity, water and cooling services. On a like-for-like basis, DEWA Group delivered an annual profit before tax increase of 1.81 percent to AED7.98 billion.
DEWA remains focused on its core strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimizing returns for all its stakeholders while minimizing its environmental footprint, added the statement.
