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DEWA's profit after tax hits Dhs2.9 billion
DEWA's profit after tax hits Dhs2.9 billion

Gulf Today

timea day ago

  • Business
  • Gulf Today

DEWA's profit after tax hits Dhs2.9 billion

Dubai Electricity and Water Authority (DEWA), on Friday reported its first half 2025 consolidated financial results, recording first half revenue of Dhs14.6 billion, EBITDA of Dhs7.0 billion, operating profit of Dhs3.7 billion, net profit of Dhs2.9 billion and cash from operations of Dhs9.2 billion. Saeed Mohammed Al Tayer, Vice Chairman and MD & CEO of DEWA, said, 'We are proud to report DEWA's strongest-ever financial results for both the 2nd quarter and first half of 2025 - a reflection of disciplined execution, growing demand, and our commitment to operational excellence. In H1 2025, we achieved Dhs 14.6 billion in revenue, Dhs7.0 billion in EBITDA, and Dhs2.9 billion in net profit - marking growth of 6.9%, 5.3%, and 13.2% respectively. Operating cash flow reached a record Dhs9.2 billion, up 61.3% year-on-year. Also, we approved a dividend of Dhs 3.1 billion for H1, 2025, which is payable in October, 2025. To date we have invested over Dhs230 billion in state-of-the-art infrastructure." He added, "Our results demonstrate the resilience of our model and the ability to generate strong returns while advancing Dubai's sustainable development. Looking ahead, we expect consistent value creation for our stakeholders, supported by Dubai's economic growth, our robust business model and our sector leading operational benchmarks that are acknowledged to be No 1 globally.' DEWA delivered a record financial and operational performance for the six months ended 30 June 2025. Revenue rose by 6.9% year-on-year to Dhs14.6 billion, driven by continued growth in electricity and water demand, as well as steady expansion in district cooling through Empower. EBITDA increased by 5.3% to Dhs7.0 billion, supported by improved operating efficiencies and effective cost control across core segments, highlighting the Group's strong underlying profitability. Net profit for the period grew 13.2% to Dhs2.90 billion, reflecting higher operating income, and decline in net finance costs by 15.45% compared to the same period in the previous year. In the second quarter of 2025, DEWA's total energy generation Including Energy import from IPPs soared to a high of 16.9 TWh marking a 10.88% increase from the 15.3 TWh recorded during the second quarter of 2024. Notably, DEWA generated 3.3 TWh of clean energy during the quarter. This clean energy accounted for 19.46% of the total energy generated in Q2, 2025. DEWA is committed to using clean energy to maintain a sustainable generation mix to meet the consistently growing demand. In addition, DEWA delivered 2.18 TWh from Hassyan power plant and 11.46 TWh from its remaining generation portfolio during the second quarter of 2025. DEWA experienced a 2.95% increase in its quarterly peak power demand compared to Q2, 2024, reaching 10.545 GW. The quarterly gross heat rate of 7,693 BTU/kWh achieved, represents a stellar 7.01% improvement over the same period from the previous year. Collectively, these achievements highlight the company's unwavering commitment to delivering operational excellence while facing very strong top line demand. DEWA's total desalinated water production in the second quarter of 2025 grew by 9.55% compared to the previous year, reaching a record of 40.78 billion Imperial Gallons (BIG). The peak daily desalinated water demand reached 475 MIG which is a 5.87% increase over the same period of the previous year. At the end of the second quarter of 2025, DEWA served 1,292,487 customer accounts, representing a 4.81% increase in customer accounts from the same period in the last year. In the second quarter of 2025, DEWA commissioned two 132 kV substations, and four hundred and eighty three 11kV substations. By the end of the first half of 2025, the company's system installed generation capacity reached 17.979 GW with 3.860 GW of this capacity representing renewable energy. WAM

Emirates Islamic reports Dhs1.86 billion net profit in H1 2025
Emirates Islamic reports Dhs1.86 billion net profit in H1 2025

Gulf Today

time24-07-2025

  • Business
  • Gulf Today

Emirates Islamic reports Dhs1.86 billion net profit in H1 2025

Emirates Islamic has announced its financial results for the first half of 2025, reporting a net profit of Dhs1.863 billion, marking a 12 percent increase compared to the same period last year. The bank reported a record Dhs2.2 billion profit before tax in the first half of 2025, reflecting strong growth momentum. Total income rose 9 percent year-on-year to Dhs2.9 billion, driven by continued expansion in both funded and non-funded income streams. Total assets increased by 24 per cent to Dhs138 billion, while customer financing rose 13 percent to Dhs80 billion. Customer deposits showed exceptional growth, rising 27 per cent to Dhs97.4 billion. Current and Savings Account balances represented 65.5 percent of total deposits. These results highlight Emirates Islamic's position as one of the UAE's leading Islamic banks. The bank reported a Common Equity Tier 1 ratio of 17.4 per cent and a capital adequacy ratio of 18.5 per cent, underscoring its strong capital position. The Headline Financing to Deposit ratio stood at 82 per cent, within the management's target range. WAM

Sharjah Charity spent Dhs100.8m on humanitarian programmes and initiatives
Sharjah Charity spent Dhs100.8m on humanitarian programmes and initiatives

Gulf Today

time30-04-2025

  • General
  • Gulf Today

Sharjah Charity spent Dhs100.8m on humanitarian programmes and initiatives

The Sharjah Charity announced that its total expenditure through humanitarian programmes and initiatives amounted to Dhs100.8 million, covering humanitarian aid, external projects and orphan sponsorships. Sheikh Saqr Bin Mohammed Al Qasimi, Chairman of the Association's Board of Directors, stated that domestic aid in the first quarter totalled Dhs3.1 million, benefiting 2,270 cases, including widows, divorcees, and the elderly. He added that approximately Dhs23 million were allocated to one-time assistance for diverse groups including: 473 medical cases who were supported with Dhs13.1 million, 444 students who received educational aid totaling Dhs2.9 million, and housing assistance amounting to Dhs4 million, supporting 418 beneficiaries through home renovation, maintenance, furnishing, rent relief, and utility bill payments. Sheikh Saqr highlighted that the association relieved 562 cases of hardship with Dhs2.2 million, supported 16 young couples preparing for marriage with Dhs150,000, sponsored 33 persons to perform Umrah at a cost of Dhs500,000. Additionally, Dhs6.8 million were allocated for food aid, benefiting 9,486 families through food parcels, Ramadan meals, Eid clothing, and Zakat Al Fitr. Internationally, Sheikh Saqr noted expenditures of Dhs62.4 million on projects including building 573 mosques at a cost of Dhs29.9 million, digging 3,623 wells for clean water at a cost of Dhs14.9 million, and establishing 65 educational facilities at a cost of Dhs4.9 million. Sheikh Saqr added that the association also distributed Ramadan Iftar meals at Dhs3.4 million, built 23 houses for the poor at a cost of Dhs654,000, provided 59 productive projects to support families at a cost of Dhs545,000, and maintained and renovated 26 construction projects at a cost of Dhs452,000. Sheikh Saqr Al Qasimi emphasized continued support for sponsored individuals, totaling 31,670 beneficiaries, including: 31,083 orphans, 261 needy families, 31 students, 231 imams and teachers,64 people of determination with sponsorship costs amounting Dhs5.3 million. 6894512

Federal Tax Authority applies VAT refund of Dhs2.9 billion for 35,000 UAE nationals
Federal Tax Authority applies VAT refund of Dhs2.9 billion for 35,000 UAE nationals

Gulf Today

time26-01-2025

  • Business
  • Gulf Today

Federal Tax Authority applies VAT refund of Dhs2.9 billion for 35,000 UAE nationals

The Federal Tax Authority (FTA) has confirmed that its digital VAT refund systems, including the VAT-refund system for UAE nationals for the construction of new residences and the VAT-refund system for tourists, achieved outstanding results in 2024 due to a continuous development of digitalisation plans, implemented by the FTA over the calendar year. The FTA also announced on Sunday that the cumulative total of approved applications by UAE nationals who received VAT-refunds for the expenses they have incurred for the construction of their newly built residences reached 35, 000 applications with a total value of Dhs2.9 billion, since the start of the service, more than six years ago until the end of last year. That figure can be compared to the cumulative total number of applications by the end of 2023, which was a little over 27,000 applications and a total value of over Dhs2.2 billion, reflecting an annual increase of 27.52 per cent in the number of approved applications, and 32 per cent in the monetary value of refunds. According to statistics, the number of applications approved during 2024 for UAE nationals VAT- refunds, related the construction of new residences, reached 7,520 applications with a total value of Dhs704.38 million. The number of approved applications for tax refunds for the construction of new UAE national-owned residences also increased from 270 applications, worth Dhs9.11 million in 2018, to 1,900 applications during 2019, with a total value of Dhs121.46 million. In 2020, 3,750 thousand applications worth Dhs301.35 million were received, and 5,990 thousand applications, worth Dhs 467.52 million in 2021. In 2022, 7,170 applications worth Dhs583.38 million were received, with 8,250 applications worth a total of Dhs 720.12 million were processed, in 2023. The Federal Tax Authority explained that regarding the digital VAT- refund scheme for tourists, the number of retail outlets linked electronically to the system has witnessed a remarkable expansion across the UAE over the past years. The number of outlets registered for VAT-refund increasing to 17,847 outlets by the end of 2024, compared to 16,357 outlets by the end of 2023 - an increase of 9 per cent over the previous year. A total of 1,490 new retailers joined the scheme, in 2024, following the 1,518 outlets that were linked to the scheme in 2023. This brings the total number of outlets that have joined the digital VAT- refund system for tourists to 3,008, over the past two years. The FTA confirmed its ambition to increase the number of self-service kiosks across the UAE, through which tourists can finalise tax refund procedures as they leave the country. With all transactions processed in less than two minutes, self-service kiosks are currently situated in major shopping malls and hotels, in addition to airport terminals. The number of self-service kiosks for tax refunds for tourists saw an increase to 97 kiosks by the end of 2024, compared to 82 kiosks by the end of 2023 - an increase of 18. 3 per cent, over the past year. The 15 new kiosks installed during 2024, represents a more than doubling of units over 2023, which saw 6 kiosks added. Khalid Ali Al Bustani, Director-General of FTA, said, 'The FTA pays great attention to the continuous development and update of its digital systems in accordance with global best practices, in line with the UAE's digital transformation strategy. Indicators show that FTA's efforts in this field have positively reflected on the quality and performance of its mandate in general, including the digital systems for VAT refunds for eligible categories. 'Two key examples are the tax refund service for new housing construction for UAE nationals and the tax refund service for tourists, both of which have witnessed successive development processes over the past years. This has been achieved by introducing more facilities to streamline and accelerate the procedures related to self-service tax refund systems.' He added, 'Building on the positive results of the FTA's development of digital services, during 2024, in 2025 we will continue to launch various projects and initiatives in the field of digital transformation in the tax sector to keep pace with the smart transformation strategy laid out by our wise leadership, which entails transformation of all services based on seamless and proactive digital procedures, supporting efforts to reduce bureaucracy and maintain high levels of customer happiness.' Meanwhile, the Federal Authority for Identity, Citizenship, Customs, and Port Security emphasised the important role of 'UAE Customs' in enhancing community security, maintaining stability, supporting the economic growth of the UAE, and achieving prosperity. This is accomplished through facilitating trade, strengthening commercial exchanges with countries around the world, managing customs risks, combating the smuggling of prohibited goods and hazardous materials, protecting borders, countering money laundering and terrorist financing attempts, as well as combating illicit trade and enhancing international cooperation. Major General Suhail Saeed Al Khaili, Director General of the Authority, stated, coinciding with International Customs Day, which is celebrated on 26th January each year, that 'UAE Customs' has managed to build and innovate modern and advanced customs systems, achieving unprecedented accomplishments and results in the areas of digital transformation, operations, and customs seizures.

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