Dubai Electricity and Water Authority Declares AED 3.1 Billion Dividend as Part of Strong Financial Performance for H2 2024
In a significant development for stakeholders, the Dubai Electricity and Water Authority (DEWA) recently held its general assembly meeting, during which a total dividend of AED 3.1 billion for the second half of 2024 was unanimously approved. The meeting, presided over by Matar Humaid Al Tayer, the Chairman of the Board of Directors, showcased an impressive turnout of participants, including Saeed Mohammed Al Tayer, the Managing Director and CEO, along with a robust 92.2% representation of shareholders.
The assembly not only focused on dividend declarations but also on the election of a new Board of Directors set to govern DEWA over the next three years. This leadership change encapsulates the authority’s strategic direction towards achieving its sustainability and economic objectives while ensuring robust governance structures.
Chairman Matar Humaid Al Tayer addressed attendees with an optimistic outlook, proclaiming, “Dubai continues to consolidate its position as a global leader in economic growth, sustainability, and innovation.” He emphasized DEWA’s integral role in supporting the emirate’s ambitious growth trajectory, asserting that the authority’s energy and water infrastructure must evolve in tandem with the rapid advancements transforming the city.
The financial results presented by Saeed Mohammed Al Tayer were equally encouraging. He reported a consolidated full-year revenue of AED 30.98 billion for 2024, alongside an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of AED 15.73 billion, culminating in a net profit after tax of AED 7.23 billion. The authority noted a robust annual revenue growth of 6.17%, primarily fueled by the escalating demand for electricity, water, and cooling services.
An impressive feat that Al Tayer highlighted is DEWA’s extensive customer base, now exceeding 1.27 million accounts. Furthermore, DEWA has managed to achieve some of the best operational metrics globally, including the world’s lowest electricity line losses at just 2% and the lowest water network losses at 4.5%. These figures are a testament to DEWA’s commitment to efficiency and reliability, particularly noteworthy given the backdrop of a rapidly growing urban population and increased resource demands.
Al Tayer articulated DEWA’s commitment to establishing benchmarks for reliability, stating, “We take pride in achieving the world’s lowest Customer Minutes Lost (CML) of less than one minute per year.” Such statistics not only underscore the authority’s operational excellence but also reflect its unwavering dedication to serving the residents of Dubai with dependable infrastructure.
As Dubai continues to evolve as a global hub for business and tourism, DEWA’s contributions cannot be understated. The authority plays a pivotal role in the emirate’s infrastructure, essential for sustaining its economic dynamism and supporting the aspirations of both residents and businesses.
In recent years, Dubai has emerged not only as a leading tourist destination but also as a vibrant economic center in the Middle East. This growth has been accompanied by a heightened focus on sustainability and innovation, with DEWA at the forefront of these initiatives. The authority’s strategic investments in renewable energy and smart technologies demonstrate its commitment to aligning with global environmental standards and sustainability goals.
In light of the impressive results and future outlook presented at the assembly, stakeholders are likely to feel optimistic about DEWA’s role in promoting infrastructural resilience and sustainability in Dubai. With the newly elected Board of Directors positioned to facilitate the authority’s strategic initiatives, DEWA appears poised to reinforce its standing as a leader in utility services not only within the region but on a global scale.
Ultimately, the recent assembly affirms DEWA’s commitment to transparency and shareholder value, while also reflecting Dubai’s broader aspirations for sustained growth and development. As the emirate heads into 2024 and beyond, the spotlight will undoubtedly remain on foundational entities like DEWA, whose performance and innovations continue to shape the future of urban living in one of the world’s most dynamic cities.
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