Dubai Electricity and Water Authority Reports Strong Financial Performance Amid Sustainability Efforts
The Dubai Electricity and Water Authority (DEWA) has unveiled its preliminary unaudited consolidated financial results for the year 2024, showcasing robust figures that underscore the utility’s stability and growth in an evolving economic landscape. The authority reported an impressive revenue of AED 30.98 billion, with an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of AED 15.70 billion, culminating in a net profit after tax of AED 7.24 billion. These results reflect the organization’s continued resilience and adaptability in meeting the increasing demands of Dubai’s rapidly growing population and its evolving industrial base.
In the fourth quarter of 2024 alone, DEWA achieved a revenue of AED 7.45 billion. The company also recorded an EBITDA of AED 3.95 billion, contributing significantly to a net profit after tax of AED 1.76 billion during this period. Such figures not only indicate excellent operational performance but also highlight DEWA’s vital role in bolstering Dubai’s infrastructure and economic resilience.
In alignment with its commitment to shareholder value, DEWA has established a robust dividend policy whereby it pledges to distribute no less than AED 6.2 billion annually over a five-year period commencing October 2022. On October 31, 2024, the company disbursed AED 3.1 billion in dividends for the first half of 2024, with another payout of AED 3.1 billion anticipated in April 2025, subject to shareholder approval. This dividend strategy not only reflects DEWA’s profitability but also enhances investor confidence, an essential factor in the utility’s growth trajectory.
Saeed Mohammed Al Tayer, the Managing Director and CEO of DEWA, elaborated on the organization’s strategic vision, emphasizing its steadfast commitment to sustainability and operational excellence. He drew attention to DEWA’s integral contribution to Dubai’s ambitious Net Zero 2050 strategy. Currently, 17.8% of DEWA’s installed generation capacity is derived from clean energy sources, a figure that demonstrates the authority’s proactive stance on environmental stewardship. Moreover, DEWA has garnered recognition for its exceptional operational efficiency, achieving the lowest line losses for electricity at 2% and water at 4.5% globally. The utility’s customer service metrics are equally impressive, with an average of less than one minute of downtime experienced per customer annually.
DEWA’s forward-thinking initiatives in digital transformation further solidify its position as a leader in the utility sector. The authority has been lauded for its adoption of AI-driven solutions, ranking first worldwide across 12 key performance indicators (KPIs). This innovative approach not only enhances operational efficiencies but also sets a standard for utilities in the MENA region and beyond. A significant accolade to DEWA’s innovative spirit was its receipt of the Energy Infrastructure Award at the 2024 S&P Global Platts Energy Awards for the groundbreaking Mohammed bin Rashid Al Maktoum Solar Park, marking it as the first utility in the region to receive such recognition.
With a notable 6.18% increase in annual revenue attributed to surges in electricity, water, and cooling service demands, DEWA’s trajectory appears promising as it continues to navigate the burgeoning challenges of sustainability and efficiency. The authority remains laser-focused on optimizing stakeholder returns while concurrently seeking to mitigate its environmental footprint, reflecting a balanced approach to growth and sustainability.
Overall, DEWA’s impressive financial results for 2024 encapsulate a successful year marked by strategic investments, commitment to renewable energy, and an unwavering dedication to enhancing the quality of life for Dubai’s residents. As DEWA forges ahead, it serves as a model for other utilities globally—proving that sustainable practices and profitability are not mutually exclusive but rather interconnected paths to a prosperous future.
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