DEWA announces record annual revenue of $8.43bln for 2024
DUBAI: Dubai Electricity and Water Authority today reported its full year 2024 preliminary and unaudited consolidated financial results. DEWA Group recorded consolidated full year revenue 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 AED 3.95 billion and net profit after tax of AED 1.76 billion.
As per DEWA's dividend policy, the company expects to pay a minimum annual dividend of AED 6.2 billion in the first five years starting October 2022. The dividends are paid semi-annually in April and October. On 31st October 2024, DEWA distributed AED 3.1 billion as dividend for H1, 2024 to its shareholders, based on a record date of 18 October 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 issued today.
'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.
'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% 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%), water (4.5%), and the lowest Customer Minutes Lost of less than one minute per year.
"We strive to utilise the potential of digitalisation and AI-based tools to achieve further milestones in operating efficiency and superior customer service.
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, DEWA 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% 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% to AED 7.98 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
Tourism Breaking News
31 minutes ago
- Tourism Breaking News
Farnek achieves new business growth worth over AED 10 million in UAE hospitality sector
Post Views: 41 Farnek has witnessed significant new business acquisitions from the UAE's hospitality sector, valued at over AED 10 million so far during 2025. To service these contracts, 330 additional members of staff have been mobilised to sites across the UAE, bringing their total headcount now to over 10,000. This new business growth follows an outstanding year in 2024 when Farnek secured new and retained hospitality contracts valued at AED 72 million mobilising 450 staff. Farnek is a familiar service provider to most hospitality professionals in the UAE. Besides operational support, it is the preferred partner for Green Globe Certification, a premier worldwide sustainability certification developed especially for the travel and tourism industry. Farnek audits and assesses properties which have to comply with or exceed more than 380 rigorous sustainability indicators. Farnek has certified over 100 hotels and leisure facilities in 38 cities across the MENA region, enabling members to save in excess of 180 million kWh of energy, worth over $20 million and more than two million cubic metres of water valued at approximately $5 services to be provided include housekeeping staff, room attendants, public area attendants, technical staff, and stewards, who are all fully qualified and have been highly trained at Farnek's dedicated in-house training facility prior to deployment. According to Tamer Bishay, Director of Business Development at Farnek, the volume of contract wins underscores Farnek's strategic approach to business development, which is renowned for its innovative smart solutions, sustainability and value-driven FM market proposition. 'This is an exceptional performance, given we are not even halfway through the year. We have focused our efforts on the UAE's hospitality sector, given its rapid expansion and the integral role it plays in the UAE's economy. We have managed to increase our market share in this vertical sector considerably over the past months, and this bodes well for the second half of the year. 'Although the UAE hospitality sector is expanding at pace, competition is intense and hotels, residences, resorts and restaurants are always looking at ways to make their operations more efficient, sustainable and cost-effective without compromising on quality. Our fully trained, experienced and qualified staff can fulfil a variety of roles within the hospitality sector seamlessly.' Overall, Farnek has signed multiple new contracts with premier hospitality brands, including Kempinski, Sofitel, JW Marriott, Millennium, Emaar, Grand Hyatt, and Atlantis Dubai. In addition, just last year, HITEK AI, Farnek's sister company, launched its Housekeeping Plus solution, a smart mobile application which provides an efficient and cost-effective solution for the hospitality sector. The app, designed specifically for hotels and resorts, streamlines housekeeping operations and automates workflow.
Web Release
7 hours ago
- Web Release
Ministry of Economy and Dubai Police sign MoU to enhance cooperation in developing compliance mechanisms for AML/CFT requirements
The Ministry of Economy signed a Memorandum of Understanding (MoU) with Dubai Police General Command to strengthen cooperation and coordination in developing compliance mechanisms for anti-money laundering (AML) and combatting the financing of terrorism (CFT) requirements. The agreement facilitates the exchange and integration of information between the two entities, thus enhancing supervisory roles within the national legislative framework. The MoU was signed on the sidelines of the fourth edition of the World Police Summit, held at the Dubai World Trade Centre under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The agreement was signed by H.E. Safia Hashim Al Safi, Assistant Undersecretary for Commercial Control and Governance at the Ministry of Economy, and H.E. Major General Expert Khalil Ibrahim Al Mansoori, Assistant Commander-in-Chief for Criminal Investigation Affairs at Dubai Police. H.E. Safia Al Safi emphasised that the UAE has made significant strides in developing advanced strategies, policies, and legislation to combat money laundering and terrorism financing in line with the highest international standards. This has further reinforced the national economy's position as a competitive trade and business hub committed to the highest standards of integrity and transparency. H.E. noted that the partnership with Dubai Police aligns with the Ministry's vision to enhance collaboration with federal and local entities, thereby strengthening the national framework and developing mechanisms to combat financial crimes and enhance regulatory infrastructure in accordance with relevant international standards. H.E. Safia Al Safi explained that the MoU establishes a sustainable institutional framework between the Ministry and Dubai Police to collaborate on various AML/CFT procedures within the country, including control, inspection, and monitoring of illicit activities. This partnership aims to elevate the efficiency of control and follow-up systems and serves shared objectives in combating financial crimes within the country. Supporting national efforts H.E. Major General Expert Khalil Al Mansoori said: 'The MoU with the Ministry of Economy is a significant milestone in enhancing institutional integration among relevant entities involved in combating financial crimes. Dubai Police is committed to supporting national efforts to counter money laundering and combat terrorism financing by advancing its technical and human competencies. We aim to leverage Dubai Police's research, investigation, and financial analysis ecosystems to develop effective, proactive mechanisms for detecting suspicious activities and enhancing rapid responses to associated risks, in line with global best practices. This plays a role in reinforcing the UAE's position as a secure and transparent global economic hub.' H.E. further emphasised that the collaboration marks a significant step forward in integrating national efforts and unifying resources and expertise to develop more precise and effective regulatory tools, while continuing to invest in national talent and smart technologies to build a safer and more stable environment. Counselor Salem Al Tunaiji, Director of the Anti-Money Laundering and Counter-Terrorism Financing Department at the Ministry of Economy, explained that the MoU provides advanced mechanisms for technical and security coordination between the Ministry and Dubai Police. This includes the exchange of data related to money laundering and terrorism financing crimes, aligning with the Ministry's role in supervising Designated Non-Financial Businesses and Professions (DNFBPs) and identifying the real beneficial owners of legal entities. Under the scope of the MoU, both parties will collaborate on developing integrated mechanisms and programs to elevate risk response efficiency related to suspicious financial activities within the DNFBP sector, which include real estate agents and brokers, traders of precious metals and stones, auditors, and company service providers. This will be realised through the exchange of data on suspicious transactions and activities and the activation of secure and effective institutional communication channels to ensure the swift exchange of confidential data in line with the approved legal and regulatory frameworks. These efforts support their awareness endeavours to prevent and deter violators, in line with the applicable legislations and regulations in the UAE. The MoU also outlines the implementation of joint training programs and specialised workshops aimed at enhancing the professional competencies of both parties' staff and the development of periodic analytical reports to support decision-making, ensuring the comprehensive application of administrative and regulatory procedures. Additionally, the MoU includes provisions to support awareness and media campaigns related to institutional compliance and financial crime prevention, as well as collaboration in developing relevant policies and legislation and reviewing regulatory frameworks to ensure their alignment with international requirements.
Al Etihad
15 hours ago
- Al Etihad
Presidents of UAE, Angola explore cooperation opportunities
8 June 2025 22:07 ABU DHABI (WAM) President His Highness Sheikh Mohamed bin Zayed Al Nahyan held a phone call with His Excellency João Manuel Lourenço, President of the Republic of Angola, during which they discussed cooperation between the UAE and Angola and explored ways to strengthen ties in support of development priorities and the shared goal of sustainable growth and Lourenço also extended Eid Al-Adha greetings to His Highness, wishing him continued health and two leaders discussed a number of issues of mutual interest and exchanged views on regional and global matters. They reaffirmed their shared commitment to advancing cooperation between the UAE and African nations, particularly in the fields of development and economic partnership, in ways that support stability, promote sustainable economic growth, and help realise the aspirations of their peoples. His Highness Sheikh Mohamed bin Zayed reiterated the UAE's commitment to enhancing development cooperation with African countries, in line with its longstanding approach to building constructive and impactful partnerships that contribute to shared progress and prosperity.
