86 DEWA reported a 15% decrease in net profit to 651 million UAE dirhams ($177.24 million) for the first quarter of 2024, compared to 763 million UAE dirhams in the same period last year. This decline was attributed to a significant increase in finance costs, which rose by 39% year-on-year to 269 million UAE dirhams during the quarter. Despite the decrease in net profit, DEWA’s quarterly revenue saw a notable increase of 7% year-on-year, reaching 5.8 billion UAE dirhams. This growth was driven by an uptick in demand for electricity, water, and cooling services. DEWA also experienced a noteworthy rise in quarterly peak demand, which increased by 7.24% compared to the first quarter of 2023, reaching 6.1 gigawatts in the first quarter of 2024. Gross power generation surged to 10.3 terawatt-hours, marking a 6.2% increase from the previous year. On the operational front, net cash from operations saw a substantial increase of 692 million UAE dirhams to 3.3 billion UAE dirhams, representing a 26.9% year-on-year growth. In terms of dividends, DEWA announced its intention to pay a minimum annual dividend of 6.2 billion UAE dirhams in the first five years starting from October 2022. These dividends are distributed semi-annually in April and October. In October 2023, DEWA distributed 3.1 billion UAE dirhams as a dividend for the first half of 2023. You Might Be Interested In BHP Abandons Bid for Anglo American Chevron Donates $3 Million for Kazakhstan Flood Relief Collins Aerospace Introduces In-Flight Wheelchair Accommodation Solution Hindenburg Research Denies Allegations of Collusion in Adani Short Bet JLL Strengthens Data Center Capabilities Through Strategic Acquisition Citi Streamlines Payments with Real-Time Funding for Businesses
