DEWA Reports Strong 2024 Financial Performance, Driven by Growth in Demand for Services

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