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DEWA posts near 15% hike in full year earnings

Dubai utility sees profit hit $1.45bn in 2014 as it delivered more power and water.

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DEWA, News

Dubai Electricity and Water Authority (DEWA) clocked up a near 15% rise in full year profit last year and will use the proceeds to help repay a $1bn bond maturing in April.

The state utility made a net profit attributable to shareholders of AED5.36bn in 2014, up from AED 4.67bn in the previous year, the company said in Tuesday filing to Nasdaq Dubai.

DEWA's customer base grew 4% in 2014, while it supplied 5.75% more electricity and 6.04% more water to customer.

The company plans to distribute a cash dividend for the year of AED 500mn ($136.1mn) to the government, in line with the figure paid in 2013.

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