DEWA reports record breaking results

Dubai Electricity and Water Authority (DEWA) has announced a record-breaking performance for the first half of 2024, achieving its highest-ever quarterly and half-year financial results.

For the first half of this year, DEWA reported a revenue of AED 13.7 billion, marking a 7.3 per cent increase year-on-year, while operating profit reached AED 3.3 billion, reflecting a 6.3 per cent rise. 

Their EBITDA (earnings before interest, taxes, depreciation and amortization) reached a record AED 6.6 billion, up by 8.9 per cent.

Additionally, DEWA has approved a significant dividend payout of AED 3.1 billion to shareholders, set for October 2024.

. @DEWAOfficial PJSC announces record breaking First Half 2024 results.

Revenue:
AED 13.7 billion
+7.3% YoY ⬆️

EBITDA:
AED 6.6 billion
+8.9% YoY ⬆️

Operating Profit:
AED 3.3 billion
+6.3% YoY ⬆️

Profit Before Tax:
AED 2.8 billion
+2.6% YoY ⬆️#Dubai https://t.co/UG8KiZurkC pic.twitter.com/AH7ILEpWwz

— Dubai Media Office (@DXBMediaOffice) August 8, 2024

"The demand for power and water in 2024 grew by 6.7% and 4.3% respectively, reflecting continuous growth in Dubai. By 2030 our installed capacity for power will reach 20 GW and 735 MIGD for water. 5.3 GW will be from renewable sources, representing 27%," said Saeed Mohammed Al Tayer, MD & CEO of DEWA.

"We will strive to remain above the curve in the transition journey to a green and sustainable organisation and support Dubai to reach its ambitious 2050 net-zero emissions goal," he added.

Financial performance summary

DEWA’s first half consolidated revenue increased by 7.3 per cent to a record AED 13.7 billion in 2024, compared to the first half of 2023 and this was mainly driven by an increase in demand for electricity, water and cooling services.

Consolidated first half net profit was down 6.7 per cent to AED 2.6 billion mainly due to higher depreciation and the first time application of corporate tax in 2024.

DEWA’s second quarterly consolidated revenue increased by 7.8 per cent to AED 7.9 billion in 2024. EBITDA for the second quarter was up by 8.8 per cent to AED 4 billion, and profit before tax was up by 5.9 per cent to AED 2.1 billion.

Operating performance summary

Gross power generation in the first half of 2024 was 25.5 TWh (terawatt hours) marking an increase of 6.7 per cent over 23.9 TWh generated in the same period in 2023.

Out of this, green energy was 3.3 TWh, representing 12.9 per cent of total generation in 2024.

As of June 30, 2024, there were 1,236,845 electricity and water customer accounts representing an increase of 52,134 (4.4%) compared to the same period in 2023.

DEWA’s total desalinated water production in the first half of 2024 reached 71.3 billion Imperial Gallons, which is a 4.3 per cent increase year-on-year.