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.
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