DEWA announces record AED30.98 bn revenue
Dubai Electricity and Water Authority (DEWA) recorded consolidated full year revenue, for 2024, of AED30.98 billion, EBITDA of AED15.70 billion and net profit after tax of AED7.24 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.
DEWA's dividend policy means 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 AED3.1 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, 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 issued today.
MD & CEO of DEWA Saeed Mohammed Al Tayer said: "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 per cent 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 (two per cent), water (4.5 per cent), and the lowest Customer Minutes Lost of less than one minute per year.
The company said its consolidated annual revenue increased by 6.18 per cent 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 per cent 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 optimising returns for all its stakeholders while minimising its environmental footprint, added the statement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
6 hours ago
- Zawya
Moro Hub seals strategic resellers agreement with OpenText
Moro Hub, a subsidiary of Digital Dewa, the digital arm of Dubai Electricity and Water Authority, announced a strategic agreement with OpenText, the global leader in Information Management solutions. The agreement empowers Moro Hub to resell OpenText's comprehensive portfolio of AI-enabled solutions and services across the UAE, reinforcing both companies' commitment to driving digital transformation in alignment with the 'We the UAE 2031 Vision, said the statement from Dewa. Through this collaboration, Moro Hub will offer public and private sector organizations access to OpenText's best-in-class technologies, including solutions for Content Services, Digital Experience, Security, and advanced Analytics. These offerings will enable customers to modernize operations, enhance data-driven decision-making, and meet the growing demands of a digitally connected world, it stated. "We are excited to work with OpenText, a global leader in information management, to enhance our portfolio and extend even greater value to our customers," remarked Mohammed bin Sulaiman, the CEO of Moro Hub. "This agreement not only strengthens our service offering but also contributes directly to the UAE's smart infrastructure development, setting new benchmarks in efficiency, security, and sustainability," he stated. With AI adoption in the Middle East expected to contribute over $320 billion to the regional economy by 2030 (PwC), this partnership positions Moro Hub and OpenText at the forefront of innovation, enabling the delivery of secure, intelligent, and scalable services to businesses and government entities. Harald Adams, Sales Vice President of Emerging Markets at OpenText, said the partnership with Moro Hub reflects its shared vision to empower organisations in the UAE to drive innovation through AI-powered technologies. "Together, we aim to support national digital transformation efforts and deliver secure, intelligent solutions that enable future-ready operations. Moro Hub is a key digital transformation enabler in the UAE, and we are proud to collaborate with them to help customers modernize and achieve better outcomes," he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Khaleej Times
2 days ago
- Khaleej Times
Dewa adds 800MW of clean energy production capacity to its energy mix in 2025
The total production capacity of the Mohammed bin Rashid Al Maktoum Solar Park has increased to 3,860 megawatts (MW), using photovoltaic (PV) solar panels and concentrated solar power (CSP) technologies. Since the beginning of this year, DEWA has added 800MW from the sixth phase of the solar park, bringing clean energy's share to approximately 21.5% of its total production capacity. 'The Mohammed bin Rashid Al Maktoum Solar Park is our key project to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aim to provide 100% of the emirate's energy production capacity from clean sources by 2050. By 2030, the solar park's production capacity will reach 7,260MW, with clean energy making up 34% of DEWA's energy mix. This will reduce approximately eight million tonnes of carbon emissions annually,' said Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (Dewa). The first phase of the Mohammed bin Rashid Al Maktoum Solar Park, with a capacity of 13MW using PV solar panels, was commissioned in October 2013. In March 2017, the second phase, with a capacity of 200MW, was inaugurated. It also uses PV technology and was the first solar energy project of its kind in the region based on the independent power producer (IPP) model. In November 2020, the third phase of the solar park was inaugurated with a capacity of 800MW. This phase, also using PV technology, was the first in the Middle East and North Africa to use single-axis solar tracking to enhance energy generation. In December 2023, the fourth phase of the solar park was inaugurated with a total capacity of 950MW, combining CSP and PV panels. It uses three hybrid technologies to produce clean energy: 600MW from a parabolic basin complex, 100MW from a solar power tower and 250MW from PV solar panels. In June 2023, the fifth phase, with a capacity of 900MW, was inaugurated using photovoltaic panels. DEWA is currently working to complete the sixth phase of the solar park, with a capacity of 1,800MW using PV panels. DEWA has invited international developers to participate in the implementation of the seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park, which will have a capacity of 1,600MW. This phase, which is expandable to 2,000MW, will utilise PV solar panels and a battery energy storage system with a capacity of 1,000MW for six hours, providing a total storage capacity of 6,000 megawatt-hours. This will make it one of the world's largest solar-plus-storage projects. The phase will be implemented under the IPP model.
Zawya
2 days ago
- Zawya
‘Critical minerals availability pose growing threat to energy transition'
Critical minerals such as copper and silver, which underpin the clean energy transition, are increasingly exposed to supply chain vulnerabilities, according to a senior executive at UAE-based cable and wire company Ducab. Speaking at the World Utilities Congress held from 27–29 May 2025 in Abu Dhabi, Shailendra Pratap Singh, Vice President for GCC, Europe, and the Americas at Ducab stated that copper demand is set to double within five to ten years, while traditional supply sources such as Chile, Peru, and the Democratic Republic of Congo face heightened risks from political instability and climate-related disruptions. 'There are so many political instabilities and climatic impacts, so any new investment that goes in needs a lot of approvals,' he said. He highlighted the increasing cost of copper, referencing forecasts from Goldman Sachs, which foecasts prices to reach $10,500 per metric tonne by the end of 2026, up from around $3,000 fifteen years ago. Singh added that silver, essential for solar panel manufacturing, is also under supply pressure. In response, Ducab has taken internal measures to strengthen supply chain resilience, including localised recycling initiatives. 'We try to recover and recycle our copper to the extent possible. We have in-house granulators, and we work closely with DEWA and TAQA to take the material back at the end of its lifecycle,' he said. Ducab's innovation extends to process optimisation. 'For aluminium rods, we get molten aluminium in a crucible from EGA (Emirates Global Aluminium), which is located very close to our factory. This eliminates the need to cool and remelt the material, cutting emissions significantly.' According to Singh, strengthening supply chains through material recovery and operational innovation will be essential for utilities and manufacturers as they address rising demand, resource constraints, and decarbonisation goals simultaneously. (Writing by Rajiv Pillai; Editing by Anoop Menon) (
