Dewa profit hits 15 percent growth in 2014

18 Feb 2015

(MENAFN) Dubai Electricity and Water Authority (Dewa) registered a 14.8 percent growth in 2014 profit, and announced it would use its own cash to repay a USD1 billion bond originally issued in 2010 and maturing in April, Khaleej Times reported.

The state-owned company confirmed in a statement that it made a net profit due to shareholders of USD1.45 billion in 2014, up from USD1.27 billion in the previous year. The utility also announced in a filing to Nasdaq Dubai, where it has debt instruments listed, its decision to distribute a cash dividend of USD136.12 million for the year to the government, in line with the figure paid in 2013.

Dewa’s customer base grew 4 percent in 2014, while the amount of electricity and water it dispatched to customers increased 5.75 percent and 6.04 percent respectively.

Cash available to the firm improved to USD963.7 million at the end of 2014 from USD351.2 million a year earlier.

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