logo
DEWA Announces Record Quarterly Revenue of AED 5.96 Billion and Quarterly Cash from Operations of AED 3.85 Billion

DEWA Announces Record Quarterly Revenue of AED 5.96 Billion and Quarterly Cash from Operations of AED 3.85 Billion

National Post12-05-2025

Article content
DUBAI, United Arab Emirates — Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai's exclusive electricity and water services provider, listed on the Dubai Financial Market (DFM), reported its first quarter 2025 consolidated financial results, recording quarterly revenue of AED 5.96 billion, EBITDA of AED 2.43 billion, operating profit of AED 838 million and net profit of AED 496 million. The company also generated a record net cash from operations of AED 3.85 billion resulting in closing cash and cash equivalents of AED 8.17 billion, which is AED 2.07 billion higher than the balance as at year-end 2024.
Article content
'We are progressing in our journey to Net Zero by 2050 and will continue to play a decisive role in Dubai's rapid progress. With consistent growth in demand for electricity, water and cooling services, our revenue grew by 2.83% to AED 5.96 billion in the quarter and more notably our net cash flow from operations grew to AED 3.85 billion, which is 17.86% higher than the amount in the same period of the previous year. Our financials reflect a healthy operating profit of AED 838 million in the quarter, and an EBITDA of AED 2.43 billion. We invested AED 2.26 billion in infrastructure during the quarter, mainly related to our energy transition strategy,' said HE Saeed Mohammed Al Tayer, Vice Chairman and MD & CEO of DEWA.
Article content
In Q1 2025, DEWA generated 10.50 TWh, a 2.83% increase over the same period in 2024. During this quarter clean power generated was 1.86 TWh, contributing 17.7% to the overall power generation. Simultaneously, desalinated water production in Q1 reached 35.61 BIG, a 4.56% increase. DEWA increased its customer base by an impressive 11,614 customer accounts during the quarter. In the last twelve months, ending with the first quarter of 2025, the total number of customer accounts increased by 57,339, representing yearly growth of 3.7%
Article content
By the first quarter of 2025, the Company's system installed generation capacity was 17,579 MW with 3,460 MW of this capacity coming from clean energy sources which represents 20% from the energy mix. By 2030 we expect total installed generation capacity to reach 22 GW, out of which 7.5 GW, representing 34% of generation mix, will be sourced from clean energy sources.
Article content
Article content
Article content
Article content
Article content
Article content

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Japan-India Maritime Ties Enter a New Era of Smart Cooperation
Japan-India Maritime Ties Enter a New Era of Smart Cooperation

Japan Forward

timean hour ago

  • Japan Forward

Japan-India Maritime Ties Enter a New Era of Smart Cooperation

In a compelling display of growing strategic and economic synergy, Japan and India are charting a bold new course in maritime cooperation. The two Indo-Pacific partners are in advanced discussions to expand bilateral ties. They aim to achieve this through a shared vision of green technology, smart infrastructure, and a resilient maritime ecosystem. The latest milestone in this evolving partnership was marked on June 2 in Oslo. Japan's Yoshimichi Terada, Vice Minister for International Affairs at the Ministry of Land, Infrastructure, Transport and Tourism, met with Sarbananda Sonowal, India's Union Minister of Ports, Shipping and Waterways. The meeting, held on the sidelines of the Nor-Shipping maritime conference in Norway, was nothing short of transformational. It signaled a renewed commitment to jointly advance sustainable and smart maritime initiatives. These initiatives are not only commercially robust but also environmentally sound and socially inclusive. Both Japan, as Asia's most mature democracy, and India, the world's largest, are vibrant democracies with complementary strengths. And they have long shared a special strategic and global partnership. Their maritime dialogue is now taking center stage as both nations recognize the importance of the Indo-Pacific as the engine of global trade and geopolitics. Terada and Sonowal shake hands. (Courtesy of Government of India Press Information Bureau) What makes this development particularly significant is its forward-looking approach. It focuses not just on traditional maritime security but also on cutting-edge technologies, climate resilience, and inclusive growth. At the June meeting, Terada and Sonowal delved deep into potential investments in India's shipbuilding industry, with an emphasis on co-development and co-production models. Japan has expertise in building state-of-the-art vessels. Coupling that with India's growing shipyard capabilities holds tremendous promise. Together, they aim to foster a competitive, future-ready shipbuilding ecosystem that can serve regional and global markets. One of the most exciting dimensions of the talks was the mutual commitment to green port development. Japan's Green Infrastructure Strategy and India's Sagarmala Initiative found common ground in the conversation. Both sides agreed to exchange best practices and technological know-how in clean energy adoption. From shore-to-ship power supply to hybrid propulsion systems and hydrogen-based logistics, the green maritime transition is well underway. Digitization was another key area of convergence. Smart ports, enabled by AI, IoT, and blockchain technologies, are central to India's maritime modernization strategy. Japan, a global leader in port automation and intelligent logistics, is expected to play a catalytic role in India's digital port transformation. These smart solutions are not only set to enhance operational efficiency but also reduce emissions, lower costs, and streamline trade. One of the most visionary aspects of the dialogue was the focus on India's island territories. They are the Andaman and Nicobar Islands and Lakshadweep. These smart solutions discussed by the two nations involve transforming these strategically located sites into "smart islands." They would feature green ports, renewable energy facilities, eco-tourism infrastructure, and disaster-resilient logistics hubs. In this regard, Japan's experience in building sustainable island ecosystems through integrated maritime and urban planning offers valuable insights. Their collaboration will help unlock the untapped potential of these islands. It will also serve as a model for regional development and maritime security in the Indo-Pacific. The meeting was held on the sidelines of the Nor-Shipping 2025 conference. (Courtesy of Government of India Press Information Bureau) No partnership is complete without a strong foundation in human capital development. Recognizing this, both ministers placed special emphasis on enhancing skills, training, and capacity-building. Japan's maritime institutions and the Indian Maritime University (IMU) are expected to expand academic and research collaboration. They aim to facilitate knowledge exchange and the creation of a highly skilled maritime workforce. Scholarship programs, joint R&D initiatives, and training modules for green technologies are already under consideration. These efforts will nurture a new generation of maritime professionals adept at navigating the complexities of a rapidly evolving industry. A shared understanding of the need for resilient infrastructure in the face of climate change is also shaping the partnership. With both countries susceptible to natural disasters such as tsunamis and cyclones, discussions focused on building disaster-resilient ports, warehouses, and navigation systems. Japan's technical experts in mitigation and India's vast coastal infrastructure create a perfect synergy for joint innovation and resilience-building. India is also expected to benefit from Japan's advanced hydrographic and coastal mapping technologies. These are critical for sustainable port planning and climate impact assessments. This renewed maritime cooperation between Japan and India is not just a bilateral affair. It has far-reaching implications for the region and beyond. It exemplifies how like-minded countries can come together to address global challenges such as climate change, sustainable development, and maritime security, through practical, people-centric solutions. As maritime trade continues to account for over 90% of global trade volume, the importance of resilient, green, and smart maritime infrastructure cannot be overstated. Japan and India's collaboration sets a positive example for the world, demonstrating how strategic alignment and shared values can produce real on-the-ground impact. Both countries are gearing up to implement the outcomes of the Oslo dialogue with optimism in the air. The proposed projects are all aligned with Japan's Sustainable Blue Economy Strategy and India's Amrit Kaal vision. With strong political will, robust institutional frameworks, and deep friendship, Japan and India could redefine maritime cooperation in the 21st century. Author: Professor Pema Gyalpo

Why Palantir Stock Soared in May
Why Palantir Stock Soared in May

Globe and Mail

time8 hours ago

  • Globe and Mail

Why Palantir Stock Soared in May

Shares of Palantir Technologies (NASDAQ: PLTR) were up in May. The company's stock finished the month up 11.3%. The move came as the S&P 500 (SNPINDEX: ^GSPC) was up 5.5% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was up 7.9% during the month. The artificial intelligence (AI)-powered data analytics company released mostly positive earnings and announced several key new partnerships, and CEO Alex Karp accompanied President Trump on a trip to Saudi Arabia. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » A mostly positive quarter Palantir reported Q1 earnings per share (EPS) of $0.13 on sales of $884 million. That revenue figure was up 39% year over year (YOY), beating Wall Street expectations. There was some cause for concern, however, as global sales declined 10% YOY. Karp goes to Saudi Arabia Given this international weakness, the timing of Karp's trip to Saudi Arabia could not have been better. Karp, along with other high-profile CEOs, accompanied President Trump on a trip to the Middle Eastern country. The trip ended with Trump announcing that Saudi Arabia had committed to $600 billion in investments and, although specifics were light, some of this is likely to flow into Palantir's coffers. New partnerships Palantir announced new partnerships with xAI, the Joint Commission, and the manufacturer Fedrigoni. The partnerships will all leverage the company's unique capabilities to boost efficiency, maximize profits, and reshape outdated business practices. The wide range of distinct organizations and problems shows the incredible adaptability of Palantir's technology. Beware the valuation This is nothing new for investors who have followed the company at all, but the fact is that Palantir stock is incredibly expensive. The company's price-to-earnings ratio (P/E) currently sits north of 570. Its price-to-sales ratio (P/S) is 105. These are astronomical numbers. Consider this: When Nvidia was seeing peak growth in 2024 -- growth that far outstrips what Palantir is delivering today -- the chipmaker's P/E and P/S were both roughly half that of Palantir's. And when Cisco was at its peak in 2000, before it became the face of the dot-com crash, it too only reached roughly half the valuation that Palantir now carries. I do not believe Palantir can justify this valuation, and it is a matter of time before the stock comes back to Earth. Although it's clear that the company offers an extremely valuable product, I think it's fair to classify it as a meme stock at this point: Too much of its value is driven by pure hype. Should you invest $1,000 in Palantir Technologies right now? Before you buy stock in Palantir Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Palantir Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $660,341!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $874,192!* Now, it's worth noting Stock Advisor 's total average return is999% — a market-crushing outperformance compared to173%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025

How three generations of leadership transformed a small plumbing business into a successful mechanical construction company
How three generations of leadership transformed a small plumbing business into a successful mechanical construction company

Globe and Mail

time19 hours ago

  • Globe and Mail

How three generations of leadership transformed a small plumbing business into a successful mechanical construction company

It started with a bird and a wrench. In 1971, Jack Bird, a plumber by trade, opened a small-scale plumbing business out of his garage in Willowdale, Ont. He called it Jack Bird Plumbing & Heating and provided mostly residential services and hot water heating, as the name suggests. 'It really catered to residential,' Jack's son, Brian Bird, says of the original logo featuring a bird sitting atop a wrench. A neighbour across the street happened to work as a commercial artist for Loblaws, so Jack asked them to draw the logo. A vintage matchbook from that era features a bird and a wrench, with the motto: 'Our business is built on service.' The Bird family's humble plumbing business has come a long way since it first opened its doors. Over the 54-year history, three generations of Birds have served as chief executive officer. The company's direction has evolved with each succession and the name has changed each time to reflect its offerings. Today, it's called Bird Infrastructure and is run by current-CEO Brandon Bird, Jack Bird's grandson and a third-generation plumber. Over the years, it has shifted from a regional plumbing provider to a multi-service, multi-location company with 200 employees and a state-of-the-art 40,000-square-foot in-house fabrication shop. The company specializes in complex retrofit projects in facilities that need to continue day-to-day operations such as courthouses and hospitals. The company's first shift happened in 1991 when Brian Bird took the company over from his father. He gradually pivoted to pursue industrial, commercial and institutional (ICI) construction work – a natural interest for him. A hands-on leader, Brian was into complex work, including retrofitting steam and process systems. By the early 2000s, the Gormley, Ont.-based company was so busy it dropped service-side offerings altogether and wholeheartedly embraced mechanical ICI. To reflect the change, Brian renamed the company Bird Mechanical. 'When we started doing these bigger projects, people were saying, 'Jack Bird Plumbing and Heating doesn't sound like a mechanical company that can do this type of work,'' Brian says. 'So, I changed the name and we started striving towards more industrial, commercial projects.' His push into this niche was successful. In the early aughts, Bird Mechanical had landed its biggest contract yet – a $7.7-million project to replace the chiller and cooling tower at Toronto's Hospital for Sick Children. Brian's son, Brandon Bird, was a high school student who spent almost every weekend and summer break working for his dad. He ran equipment, moved pipe and loaded trucks. 'He would drop me off in the morning and pick me up every day on site,' Brandon, now 36, remembers. 'My dad always went out of his way to make sure I was exposed to the trade if I wanted it.' He enjoyed it but didn't think he would join the family business. Instead, he followed his passion, attending Toronto Film School to pursue a career in filmmaking. In 2008, when Brandon was between movie productions, he was flown down to California on behalf of his dad's company to learn how to run a new pipe-cutting machine. That trip was a pivotal moment – afterwards, Brandon walked into his father's office and said, 'Sign me up. I'll do this.' 'He had a look like he was on Punk'd,' Brandon recalls. 'He was looking around for hidden cameras, like what just happened.' But it was no prank: in 2012, Brandon completed his Red Seal plumbing certification and gradually took on more responsibilities at the company. By the time Brian stepped into an executive chairman role in 2016, Bird Mechanical was bringing in $28-million in annual sales, and his son, Brandon, was primed to take over as the third-generation CEO. Anticipating market needs and giving each CEO the freedom to follow their gut allowed for compounding success, according to Kerry Smith, national leader for family office services at MNP. 'Successful business leaders understand the industry and see where that industry is going,' Mr. Smith says. 'In this case, each individual was able to read the market and see where the trends were going.' The integrated mechanical construction firm has grown significantly since Brandon took over the company. In the last decade, he has made strategic acquisitions, including a civil contractor business and a structural steel company. In 2018, Brandon took a risk and expanded into Atlantic Canada, opening an office in Dartmouth, N.S. with 40 employees. The push came with its share of challenges. Brandon describes it as 'the biggest and most humbling learning experience.' He would attend meetings with East Coasters who were wary of the Ontario-based company, despite its nearly 50-year history. But with each job, Bird proved its expertise and, in 2021, it landed a $12.4-million contract to upgrade Cape Breton Regional Hospital's piping to connect heating and cooling systems to new and aging facilities.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store