Dubai's DEWA 2014 profit rises 14.8%

February, 20th 2015

Dubai Electricity and Water Authority (DEWA) will use its own cash to repay a $1 billion bond maturing in April, the company said on Tuesday as it reported a 14.8 percent increase in 2014 profit.

Dubai's only utility also said it would distribute a cash dividend for the year of AED500 million ($136.1 million) to the government, in line with the figure paid in 2013.

State-owned DEWA made a net profit attributable to shareholders of AED5.36 billion in 2014, up from AED4.67 billion in the previous year, the company said in a filing to Nasdaq Dubai, where it has debt instruments listed.

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, it said in a separate filing.

 

Cash available to the firm rose to AED3.54 billion at the end of 2014 from AED1.29 billion a year earlier.

DEWA said it had built up sufficient cash to repay a $1 billion bond, originally issued in 2010, when it comes due in April.

Source: arabianbusiness.com