Dubai Electricity and Water Authority Reports Strong Financial Performance for FY2024
The Dubai Electricity and Water Authority (DEWA) has revealed its preliminary and unaudited consolidated financial results for the fiscal year 2024, underscoring its robust performance and commitment to operational excellence. DEWA Group reported a significant consolidated revenue of Dhs30.98 billion, an EBITDA of Dhs15.70 billion, and a net profit after tax amounting to Dhs7.24 billion. These figures highlight the authority’s strategic direction towards enhancing infrastructure and integrating sustainability into its operations.
For the fourth quarter of 2024 alone, DEWA Group noted a revenue of Dhs7.45 billion, accompanied by an EBITDA of Dhs3.95 billion and a net profit after tax of Dhs1.76 billion. These statistics are indicative not only of the authority’s successful fiscal management but also of the growing energy demands within the region, particularly as Dubai continues to expand its urban landscape and support its burgeoning population.
DEWA operates under a well-structured dividend policy, which ensures the return of value to its shareholders. The authority anticipates distributing a minimum annual dividend of Dhs6.2 billion over a five-year period commencing October 2022. In line with this policy, DEWA distributed Dhs3.1 billion as a dividend for the first half of 2024, following a record date set for October 18, 2024. The upcoming distribution for the second half of the year, also pegged at Dhs3.1 billion, is projected to take place in April 2025, contingent upon the approval of DEWA’s shareholders during the annual general assembly.
The governance surrounding these financial decisions is closely aligned with the legal framework established by the Securities and Commodities Authority of the UAE, further reinforcing DEWA’s commitment to transparency and corporate governance. The authority’s adherence to this regulatory framework demonstrates its proactive approach in engaging with shareholders and stakeholders alike.
Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, elaborated on the organization’s commitment to excellence and sustainability, reflecting on the leadership principles espoused by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Al Tayer emphasized the roles of Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Minister of Defence of the UAE, as well as Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Minister of Finance.
Under the aegis of such transformative leadership, DEWA is positioned to contribute decisively to the ongoing development of Dubai, a global city known for its innovative infrastructure, economic diversification, and commitment to sustainability. This vision is consistent with Dubai’s strategic initiatives, such as the Dubai Clean Energy Strategy 2050, which aims to transform the city into a global hub for clean energy and green economy.
The ability of DEWA to report strong financial results amidst a dynamically evolving environment underscores the authority’s operational resilience and dedication to enhancing customer experience, environmental stewardship, and smart utility services. As the region faces increasing challenges related to climate change and urbanization, DEWA’s role as a utility provider is crucial in facilitating a sustainable future, thus supporting both economic growth and environmental integrity.
Looking ahead, DEWA’s prospects appear promising, buoyed by the ongoing investments in renewable energy projects and advanced infrastructure development. As part of its commitment to agility, the authority continues to explore innovative solutions, which, in turn, will bolster its operational capacity and service delivery.
DEWA’s steadfast approach exemplifies the potential for utility companies to lead in sustainable practices while also delivering substantial economic value to their stakeholders, reinforcing the authority’s critical position in Dubai and the wider UAE landscape.
This comprehensive financial overview not only showcases DEWA’s solid performance but also reflects the overarching economic growth that characterizes the Emirate of Dubai, positioning it as a beacon of progress in the Middle East.
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