Latest news with #AED15.73
Trade Arabia
08-04-2025
- Business
- Trade Arabia
Dewa set to distribute $843m in dividends for H2 2024
Dubai Electricity and Water Authority (Dewa) has announced that its board of directors has secured the shareholders' go-ahead for payment of a total dividend of AED3.1 billion ($843 million) for H2 of 2024, with a record date of March 31, 2025. In 2024, Dewa had delivered another year of strong performance, reporting consolidated full-year revenue of AED30.98 billion ($843 million). The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of Dewa, was attended by Saeed Mohammed Al Tayer, MD and CEO of Dewa and members of the Board of Directors of Dewa as well as 92.2% of the shareholders. During the meeting, a new board of directors was elected for the next three years. Speaking on the occasion, Al Tayer said: "Dubai continues to consolidate its position as a global leader in economic growth, sustainability and innovation. At Dewa, we take great pride in being a key pillar of this success, ensuring that the energy and water infrastructure keeps pace with the rapid growth Dubai is witnessing." Its ebitda for last year stood at AED15.73 billion, while its consolidated annual revenue grew by 6.2%, primarily driven by rising demand for electricity, water, and cooling services, he stated. Dewa recorded a net profit after tax of AED7.23 billion for the 12-month period. Al Tayer said the Dewa's network now covered over 1.27 million customer accounts with the world's lowest electricity line losses standing at 2%. Also it had recorded the world's lowest water network losses at 4.5%; the world's lowest Customer Minutes Lost (CML) of less than one minute per year, thus setting a global benchmark for reliability, he noted.
Hi Dubai
24-03-2025
- Business
- Hi Dubai
DEWA Approves AED3.1 Billion Dividend Amid Strong Financial Performance
Dubai Electricity and Water Authority (DEWA) has announced shareholder approval for a total dividend payout of AED3.1 billion for the second half of 2024, with a record date set for March 31, 2025. The decision was made during the general assembly meeting held today, which saw a 92.2% shareholder attendance and the election of a new Board of Directors for the next three years. Chaired by Matar Humaid Al Tayer, Chairman of DEWA's Board of Directors, the meeting underscored Dubai's continued economic growth and sustainability efforts. "Dubai continues to consolidate its position as a global leader in economic growth, sustainability, and innovation. DEWA remains a key pillar of this success, ensuring that energy and water infrastructure meets the emirate's rapid expansion," Al Tayer stated. Saeed Mohammed Al Tayer, MD & CEO of DEWA, highlighted the company's robust financial performance in 2024, reporting a consolidated annual revenue of AED30.98 billion, EBITDA of AED15.73 billion, and a net profit of AED7.23 billion. Revenue growth of 6.17% was primarily driven by increased demand for electricity, water, and cooling services. DEWA continues to set global benchmarks in operational efficiency, maintaining the world's lowest electricity line losses at 2%, water network losses at 4.5%, and Customer Minutes Lost (CML) of less than one minute per year. Looking ahead, Saeed Al Tayer expressed confidence in 2025, citing Dubai's expanding tourism sector, growing residential and commercial demand, and increasing infrastructure investments as key drivers of growth. News Source: Emirates News Agency
Zawya
21-03-2025
- Business
- Zawya
DEWA's general assembly approves dividend payment of $844mln to shareholders for H2 of 2024
Dubai Electricity and Water Authority (DEWA) reported that its shareholders have, in the general assembly held today, approved the payment of total dividend of AED3.1 billion for H2 of 2024, with a record date of 31st March 2025. The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by Saeed Mohammed Al Tayer, MD&CEO of DEWA and Members of the Board of Directors of DEWA as well as 92.2% of the shareholders. During the meeting, a Board of Directors was elected for the next three years. Matar Humaid Al Tayer, Chairman of DEWA, said, "Dubai continues to consolidate its position as a global leader in economic growth, sustainability and innovation. At DEWA, we take great pride in being a key pillar of this success, ensuring that the energy and water infrastructure keeps pace with the rapid growth Dubai is witnessing.' Saeed Mohammed Al Tayer, MD & CEO of DEWA, said, 'In 2024, DEWA Group delivered another year of strong performance, reporting consolidated full-year revenue of AED30.98 billion, EBITDA of AED15.73 billion and net profit after tax of AED7.23 billion Our consolidated annual revenue grew by 6.17%, primarily driven by rising demand for electricity, water, and cooling services.' 'DEWA's network now serves over 1.27 million customer accounts, and we take pride in achieving the world's lowest electricity line losses at 2%; the world's lowest water network losses at 4.5%; the world's lowest Customer Minutes Lost (CML) of less than one minute per year—setting a global benchmark for reliability,' noted Al Tayer. 'I am optimistic about our outlook for 2025, driven by the continued growth in tourism, residential, commercial and industrial demand; the expanding active daytime population in Dubai; and opportunities for business expansion and infrastructure development,' added Al Tayer.
