(MENAFN) Dubai Electricity and Water Authority (DEWA) is set to use its own cash to repay a USD1 billion bond. The company's announcement is concurrent with a 14.8 percent increase in 2014 profit, Arabian Business reported.
In line with the figure paid in 2013, DEWA is to distribute a cash dividend worth USD136.1 million to the government in 2014. DEWA made a net profit credited to shareholders of USD1.45 billion in 2014, up from USD1.27 billion in the 2013, the company said.
Available cash increase to USD963.68 million at the end of 2014 from 351.17 million in 2013. When it's due in April, DEWA said it has sufficient cash to repay a USD1 billion bond, formerly issued in 2010.
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