Latest news with #AED30.98
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.
ARN News Center
12-02-2025
- Business
- ARN News Center
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.
Trade Arabia
11-02-2025
- Business
- Trade Arabia
Dewa posts record $8.43bn revenue for 2024
Dubai Electricity and Water Authority (Dewa), the Emirate of Dubai's exclusive electricity and water services provider, reported a full year 2024 revenue of AED30.98 billion ($8.43 billion), a 6.18% increase on 2023 revenue. Dewa posted an EBITDA of AED15.70 billion and net profit after tax of AED7.24 billion ($1.97 billion). For Q4, 2024, Dewa Group reported a revenue of AED7.45 billion, EBITDA of AED3.95 billion and net profit after tax of AED1.76 billion. The substantial increase in revenue was 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 AED7.98 billion. Annual operating performance In 2024, Dewa generated 59.19 TWh of power, marking a 5.42% annual increase from the 56.14 TWh recorded in 2023. Notably, Dewa generated 6.62 TWh of clean power during the year, a 7.47% increase over the previous year. This clean power accounted for 11.2% of the total power generated in 2024. Dewa experienced a noteworthy 3.4% increase in its annual peak demand compared to 2023, reaching 10.76 GW in 2024. The system desalinated water production in 2024 grew by 5.0% compared to the previous year, reaching a record of 150.48 billion imperial gallons. The daily peak desalinated water demand reached 455 MIGD, a 4.92% increase over the previous year.
