DEWA Achieves Record Annual Revenue Of AED 30.98 Billion For Fiscal Year 2024

Dubai Electricity and Water Authority (DEWA) has announced its preliminary, unaudited financial results for 2024. The DEWA Group achieved a consolidated revenue of AED30.98 billion, an EBITDA of AED15.70 billion, and a net profit after tax of AED7.24 billion for the year. In the fourth quarter alone, revenue reached AED7.45 billion, with an EBITDA of AED3.95 billion and a net profit after tax of AED1.76 billion.

According to DEWA's dividend policy, the company plans to distribute at least AED6.2 billion annually over five years starting from October 2022. Dividends are paid twice a year in April and October. On 31st October 2024, DEWA distributed AED3.1 billion as dividends for the first half of 2024 to shareholders, based on records from 18th October 2024.

The next dividend payment of AED3.1 billion for the second half of 2024 is anticipated in April 2025, pending shareholder approval at the annual general assembly. Invitations for this assembly require approval from the UAE Securities and Commodities Authority.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, stated that their commitment to excellence is inspired by leaders like His Highness Sheikh Mohammed bin Rashid Al Maktoum and other key figures in Dubai's leadership. He emphasised that DEWA plays a crucial role in Dubai's rapid development under their guidance.

Al Tayer highlighted that DEWA's strategy aligns with the UAE's Net Zero target for 2050. The company's record revenue and EBITDA in 2024 reflect its focus on sustainability and excellence across operations.

Focus on Clean Energy and Efficiency

Currently, about 17.8% of DEWA’s installed generation capacity comes from clean energy sources. The company aims to lead in energy transition while maintaining high operational standards. DEWA serves over 1.27 million customer accounts and boasts low line losses in electricity (2%) and water (4.5%), along with minimal Customer Minutes Lost annually.

DEWA leverages digitalisation and AI tools to enhance efficiency and customer service further. It ranked first globally in 12 key performance indicators according to international consultants.

Recognition and Achievements

In a significant achievement, DEWA became the first utility in the Middle East and North Africa to win the Energy Infrastructure Award at the S&P Global Platts Energy Awards in 2024 for its work on the Mohammed bin Rashid Al Maktoum Solar Park.

The company's annual revenue rose by 6.18% due to increased demand for electricity, water, and cooling services. On a comparable basis, annual profit before tax grew by 1.81% to AED7.98 billion.

DEWA remains committed to sustainable growth while focusing on smart operations and optimising returns for stakeholders with minimal environmental impact.

With inputs from WAM