Dubai Electricity and Water Authority PJSC (DEWA) has announced its financial results for the first nine months of 2024, showcasing strong growth in revenue and profitability.
The company recorded a cumulative revenue of AED 23.5 billion, a 6.2% increase from the previous year, with EBITDA rising by 4.7% to AED 11.8 billion. Net profit after tax for the period stood at AED 5.5 billion.
HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, attributed the results to the company’s commitment to operational excellence and sustainability.
"We are contributing to Dubai’s vision for a sustainable future, in alignment with the Dubai Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050,"
he said.
The third quarter of 2024 saw a 4.75% increase in revenue to AED 9.9 billion, with EBITDA reaching AED 5.1 billion. Cash from operations also saw a significant increase of 34.2%, amounting to AED 5.9 billion. Power generation during this period rose by 3.98% to 19.6 TWh, with green energy contributing 9.18% of the total. Additionally, DEWA’s desalinated water production reached a record 40.5 billion Imperial Gallons, marking a 4.64% increase from the previous year.
DEWA has also made significant infrastructure investments, commissioning two 132 kV substations and increasing its installed generation capacity to 16.779 GW, of which 17% is derived from renewable sources. The company plans to expand its capacity to 20 GW by 2030, with a significant portion from clean energy.
As part of its shareholder commitment, DEWA distributed AED 3.1 billion in dividends for the first half of 2024.
News Source: Dubai Media Office
