DEWA's General Assembly Approves AED 3.1 Billion Dividend Payment For H2 Of 2024

Dubai Electricity and Water Authority (DEWA) has announced that its shareholders have approved a dividend payment of AED3.1 billion for the second half of 2024. This decision was made during a general assembly meeting chaired by Matar Humaid Al Tayer, with Saeed Mohammed Al Tayer and other board members present. The record date for this dividend is set for 31st March 2025.

The meeting also saw the election of a new Board of Directors to serve for the next three years. Matar Humaid Al Tayer expressed pride in Dubai's status as a leader in economic growth, sustainability, and innovation. He highlighted DEWA's role in supporting Dubai's rapid development through robust energy and water infrastructure.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, shared insights into the company's financial achievements in 2024. DEWA Group reported consolidated revenue of AED30.98 billion, EBITDA of AED15.73 billion, and a net profit after tax of AED7.23 billion. The annual revenue saw an increase of 6.17%, primarily due to higher demand for electricity, water, and cooling services.

Al Tayer noted that DEWA's network now serves over 1.27 million customer accounts. He proudly mentioned achieving the world's lowest electricity line losses at 2% and water network losses at 4.5%. Additionally, DEWA set a global benchmark with Customer Minutes Lost (CML) being less than one minute per year.

Looking ahead to 2025, Saeed Mohammed Al Tayer expressed optimism about DEWA's prospects. He attributed this positive outlook to the continued growth in tourism and increased demand from residential, commercial, and industrial sectors in Dubai. The expanding active daytime population and opportunities for business expansion also contribute to this favourable forecast.

Al Tayer emphasised that DEWA remains committed to maintaining its position as a key player in Dubai's success story by ensuring reliable energy and water services that meet the city's growing needs.

With inputs from WAM