Dubai Electricity and Water Authority Reports Record Financial Results for 2024 Amid Commitment to Sustainability
In a remarkable display of financial strength, the Dubai Electricity and Water Authority (DEWA) has reported its full-year consolidated revenue for 2024, reaching an impressive AED 30.98 billion. The company also achieved an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of AED 15.70 billion and a net profit after tax totaling AED 7.24 billion. These figures not only underscore DEWA’s robust operational framework but also reflect the growing demand for essential services in the Emirate of Dubai.
For the fourth quarter of 2024 alone, DEWA reported revenues of AED 7.45 billion, an EBITDA of AED 3.95 billion, and a net profit after tax amounting to AED 1.76 billion. This consistent performance exemplifies the utility’s resilience and adaptability in an increasingly competitive market.
In line with its commitment to return value to shareholders, DEWA has articulated a clear dividend policy, pledging a minimum annual dividend of AED 6.2 billion for the first five years post-Initial Public Offering (IPO), which commenced in October 2022. The authority follows a semi-annual distribution schedule, with dividends being disbursed every April and October. On October 31, 2024, DEWA disbursed AED 3.1 billion as a dividend for the first half of the fiscal year, calculated based on a record date of October 18, 2024.
Looking ahead, the authority anticipates a similar payout of AED 3.1 billion for the second half of 2024, pending approval at the upcoming annual general assembly. However, it must first secure consent from the Securities and Commodities Authority of the UAE before scheduling this significant assembly, as outlined in today’s announcement.
Saeed Mohammed Al Tayer, the Managing Director and Chief Executive Officer of DEWA, noted that the ambitious target of achieving Net Zero emissions by 2050, as envisioned by Dubai’s leadership, is a pivotal driver of DEWA’s long-term strategy. Al Tayer emphasized that the record revenue of nearly AED 31 billion and an EBITDA of AED 16 billion in 2024 are direct results of the authority’s unwavering commitment to sustainability and operational excellence.
Significantly, approximately 17.8% of DEWA’s installed generation capacity is derived from clean energy sources. This reflects the organization’s commitment to not just meet but exceed benchmarks in the energy transition journey. Al Tayer remarked on DEWA’s global recognition for maintaining remarkably low line losses in electricity (2%) and water (4.5%), as well as achieving a Customer Minutes Lost metric of less than one minute annually. Such achievements are crucial in illustrating DEWA’s operational efficiency and reliability in service delivery.
The company has noted a 6.18% increase in consolidated annual revenue, driven primarily by heightened demand for electricity, water, and cooling services, marking a positive trend in consumer consumption in Dubai. On a like-for-like basis, the Group recorded a profit before tax increase of 1.81%, amounting to AED 7.98 billion.
Strategically, DEWA has reaffirmed its dedication to sustainable growth while remaining at the forefront of technological innovation and operational excellence. The authority seeks to optimize returns for all its stakeholders while concurrently minimizing its environmental impact. Such a balanced approach positions DEWA as a leading player in the Middle East’s utility sector, aligning with broader global initiatives aimed at sustainability and responsible resource management.
In conclusion, DEWA’s recent financial results highlight not only the authority’s robust health as a utility provider but also the integral role it plays in Dubai’s broader economic landscape. Its steadfast commitment to sustainability, shareholder value, and innovative practices sets a benchmark for other utility companies in the region and beyond.
Tags: #BusinessNews #EconomyNews #UAE #Dubai #EnergyTransition #Sustainability