DEWA reports Dh5.8 billion in Q1-2024 revenues

DEWA reports Dh5.8 billion in Q1-2024 revenues

Al Tayer added: "We will continue to focus on our core strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimising returns for all our stakeholders."

DEWA's quarterly consolidated revenue increased by 6.7 per cent to Dh5.8 billion in 2024, mainly due to an increase in demand for electricity, water, and cooling services. DEWA's EBITDA was up by 9.0 per cent to Dh2.6 billion, and its operating profit was up by 11.6 per cent to Dh995 million.

DEWA's net cash from operations increased by Dh692 million to Dh3.3 billion, a 26.9 per cent increase over Q1-2023.

As per DEWA's dividend policy, the company expects to pay a minimum annual dividend of Dh6.2 billion in the first five years starting October 2022. The dividends are paid semi-annually in April and October.

On October 26, 2023, DEWA distributed Dh3.1 billion as a dividend for H1- 2023 to its shareholders, based on a record date of October 18, 2023. For H2- 2023, DEWA distributed Dh3.1 billion to its shareholders on April 26, 2024, based on a record date of April 15, 2024.

The company expects to pay its next dividend to shareholders for H1-2024 in October