Dubai Electricity and Water Authority (Dewa) has announced that its board of directors has secured the shareholders' go-ahead for payment of a total dividend of AED3.1 billion ($843 million) for H2 of 2024, with a record date of March 31, 2025.

 

In 2024, Dewa had delivered another year of strong performance, reporting consolidated full-year revenue of AED30.98 billion ($843 million).

 

The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of Dewa, was attended by Saeed Mohammed Al Tayer, MD and CEO of Dewa and members of the Board of Directors of Dewa as well as 92.2% of the shareholders. During the meeting, a new board of directors was elected for the next three years.

 

Speaking on the occasion, Al Tayer 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."

 

Its ebitda for last year stood at AED15.73 billion, while its consolidated annual revenue grew by 6.2%, primarily driven by rising demand for electricity, water, and cooling services, he stated.

 

Dewa recorded a net profit after tax of AED7.23 billion for the 12-month period.

 

Al Tayer said the Dewa’s network now covered over 1.27 million customer accounts with the world’s lowest electricity line losses standing at 2%.

 

Also it had recorded 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, thus setting a global benchmark for reliability, he noted.

 

"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," he added.-TradeArabia News Service