Dubai Electricity and Water Authority (DEWA) has announced its consolidated financial results for the first half of 2024, reporting a revenue of AED13.7 billion, EBITDA of AED6.6 billion, operating profit of AED3.3 billion, and profit after tax of AED2.6 billion.
This reflects a revenue growth of 7.3% and an EBITDA growth of 8.9% compared to the same period last year, driven by increased demand for electricity, water, and cooling services.
Saeed Mohammed Al Tayer, MD and CEO of DEWA, highlighted the company’s growth, noting a 6.7% increase in power demand and a 4.3% increase in water demand in 2024. He emphasized DEWA's commitment to expanding its installed power capacity to 20 GW and water capacity to 735 MIGD by 2030, with 27% of power coming from renewable sources.
Al Tayer reaffirmed DEWA's dedication to maintaining high standards in generation, transmission, distribution, and customer service, and supporting Dubai's 2050 Net-Zero emissions goal.
Despite the revenue growth, DEWA’s net profit for the first half of 2024 saw a decline of 6.7%, amounting to AED2.6 billion. The gross power generation increased by 6.7% to 25.5 TWh, with green energy accounting for 3.3 TWh or 12.9% of the total. The company also reported a 4.4% increase in customer accounts, reaching 1,236,845 by June 30, 2024.
DEWA's total desalinated water production in the first half of 2024 was 71.3 billion Imperial Gallons, marking a 4.3% increase compared to the same period in 2023. By the end of the first half, DEWA's installed generation capacity reached 16.779 GW, including 2.86 GW from renewable energy sources.
According to DEWA's dividend policy, the company expects to pay a minimum annual dividend of AED6.2 billion for the first five years starting from October 2022. A dividend of AED3.1 billion for H2 2023 was distributed to shareholders in April 2024, and another AED3.1 billion for H1 2024 has been approved for distribution in October 2024.
DEWA’s continued growth and expansion underscore its pivotal role in supporting Dubai's sustainability and energy goals, ensuring reliable service and innovative solutions for the emirate’s residents and businesses.
News Source: Emirates News Agency
