DEWA approves AED 3.1 bln dividend payment for H2 2024

Dubai Electricity and Water Authority (DEWA) reported that its shareholders have, in the general assembly have approved the payment of total dividend of AED 3.1 billion for H2 of 2024.

The meeting, chaired by Chairman of the Board of Directors of DEWA, Matar Humaid Al Tayer, was attended by MD & CEO of DEWA Saeed Mohammed Al Tayer, and Members of the Board of Directors of DEWA as well as 92.2 per cent of the shareholders. During the meeting, a Board of Directors was elected for the next three years.

Matar Humaid 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.”

Saeed Mohammed Al Tayer, said, “In 2024, DEWA Group delivered another year of strong performance, reporting consolidated full-year revenue of AED 30.98 billion, EBITDA of AED 15.73 billion and net profit after tax of AED 7.23 billion Our consolidated annual revenue grew by 6.17 per cent, 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 per cent; the world’s lowest water network losses at 4.5 per cent; the world’s lowest Customer Minutes Lost (CML) of less than one minute per year—setting a global benchmark for reliability,” noted Al Tayer.