Dewa's general assembly clears dividend of Dhs3.1b for H2 of '24

Gulf Today

21-03-2025

Dubai Electricity and Water Authority (Dewa) reported that its shareholders have, in the general assembly held on Friday, approved the payment of total dividend of Dhs3.1 billion for H2 of 2024, with a record date of 31st March 2025.
The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of Dewa, was attended by Saeed Mohammed Al Tayer, MD&CEO of Dewa and Members of the Board of Directors of Dewa as well as 92.2% of the shareholders. During the meeting, a Board of Directors was elected for the next three years.
Matar Humaid Al Tayer, Chairman of Dewa, said, 'Dubai continues to consolidate its position as a global leader in economic growth, sustainability and innovation. At Dewa, we take great pride in being a key pillar of this success, ensuring that the energy and water infrastructure keeps pace with the rapid growth Dubai is witnessing.'
Saeed Mohammed Al Tayer, MD & CEO of DEWA, said, 'In 2024, Dewa Group delivered another year of strong performance, reporting consolidated full-year revenue of Dhs30.98 billion, EBITDA of Dhs15.73 billion and net profit after tax of Dhs7.23 billion Our consolidated annual revenue grew by 6.17%, primarily driven by rising demand for electricity, water, and cooling services.'
'Dewa's network now serves over 1.27 million customer accounts, and we take pride in achieving the world's lowest electricity line losses at 2%; the world's lowest water network losses at 4.5%; the world's lowest Customer Minutes Lost (CML) of less than one minute per year-setting a global benchmark for reliability,' noted Al Tayer.
'I am optimistic about our outlook for 2025, driven by the continued growth in tourism, residential, commercial and industrial demand; the expanding active daytime population in Dubai; and opportunities for business expansion and infrastructure development,' added Al Tayer.
Last month, Dubai Electricity and Water Authority reported its full year 2024 preliminary and unaudited consolidated financial results. Dewa Group recorded consolidated full year revenue of Dhs30.98 billion, EBITDA of Dhs15.70 billion and net profit after tax of AED7.24 billion. For Q4, 2024, Dewa Group reported revenue of Dhs7.45 billion, EBITDA of Dhs3.95 billion and net profit after tax of Dhs1.76 billion.
As per Dewa's dividend policy, the company expects to pay a minimum annual dividend of Dhs 6.2 billion in the first five years starting October 2022. The dividends are paid semi-annually in April and October. On 31st October 2024, Dewa distributed Dhs 3.1 billion as dividend for H1, 2024 to its shareholders, based on a record date of 18 October 2024. The upcoming dividend of Dhs3.1 billion for H2, 2024 is expected to be distributed in April 2025, subject to approval by Dewa's shareholders at the annual general assembly. The issuance of invitations to Dewa's upcoming annual general assembly is subject to approval by the Securities and Commodities Authority of the UAE, according to a company statement issued today.
The company said its consolidated annual revenue increased by 6.18% to Dhs30.98 billion in 2024 primarily driven by rising demand for electricity, water and cooling services. On a like-for-like basis, Dewa Group delivered an annual profit before tax increase of 1.81% to Dhs.98 billion.
DEWA remains focused on its core strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimising returns for all its stakeholders while minimising its environmental footprint, added the statement.
Earlier, Dubai Electricity and Water Authority received the 'Most Innovative Digital Transformation' award provided by the Ministry of Cabinet Affairs. This is in a recognition of Dewa's outstanding achievements in innovation and digital transformation.
Dewa received the award for its groundbreaking digital power transmission substation that minimises energy waste and reduces the carbon footprint. Saeed Mohammed Al Tayer expressed his pleasure at receiving the award, noting that the award underscores innovations that significantly enhance government excellence, offering sustainable solutions to current and future challenges while transforming them into opportunities for growth and development.
Separately, Dewa and the Electric Power Research Institute (EPRI), the leading US organisation for electric power research and development, have discussed ways to enhance collaboration in areas such as renewable energy training, network modernisation, energy storage solutions.
The discussions took place during a visit by a high-level delegation from EPRI, led by Arshad Mansoor, President and CEO of EPRI, to Dewa's headquarters. The delegation was received by Saeed Mohammed Al Tayer, MD and CEO of Dewa.
The meeting also focused on strengthening strategic collaboration in research and development (R&D), sustainability and innovation in the energy sector.
WAM