Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), today reported its first quarter 2024 consolidated financial results, recording quarterly revenue of AED 5.8 billion, EBITDA of AED 2.6 billion, operating profit of AED 995 million and net profit of AED 651 million.
HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, affirmed the commitment to excellence and sustainable growth, inspired by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum and directives from His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. He highlighted exceptional operating results in the quarter, with a 9% increase in EBITDA and an 11.6% increase in operating profit. Al Tayer emphasized DEWA's role as a global model in the power, water, and district cooling sector, aligned with Dubai's economic and energy transition goals outlined in the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050.
DEWA’s strategy delivers record financial performance
DEWA’s quarterly consolidated revenue increased by 6.7% to AED 5.8 billion in 2024, and this was mainly driven by an increase in demand for electricity, water and cooling services. DEWA’s EBITDA was up by 9.0% to AED 2.6 billion, and its operating profit was up by 11.6% to AED 995 million. DEWA’s net cash from operations was up by AED 692 million to AED 3.3 billion, which is a 26.9% increase over the same period last year, demonstrating the company’s strong year- on -year cash flow generation capability.
Quarterly Operating Performance Summary
In the first quarter of 2024, DEWA's gross power generation surged to 10.3 TWh, a 6.2% increase from the same period in 2023. Clean power generation reached 1.46 TWh, marking a 19.8% rise and constituting 14% of total power generated. DEWA aims to sustainably meet growing demand by prioritizing clean energy. Peak demand reached 6.1 GW, up by 7.24%, while the gross heat rate improved by 5.26%. Desalinated water production hit a record 34 Billion Imperial Gallons, with peak daily demand at 401 Million Imperial Gallons, up by 5.36% and 5.04%, respectively. DEWA's customer accounts increased by 4.7% to 1,224,560 compared to the previous year.
Select quarterly highlights
In the first quarter of 2024, DEWA achieved significant milestones, commissioning three 132 kV substations and 281 11kV substations. Financial close was reached for two new IPP/IWP projects: the 180 MIGD Hassyan Water Company and 1800 MW Shuaa 4 Solar PV plant. Installed generation capacity reached 16.27 GW, with 2.63 GW from renewable sources. DEWA aims for approximately 20 GW of installed power capacity and 735 MIGD of desalinated water capacity by 2030, with around 27% from renewable sources. Additionally, 240 MIGD of desalination capacity using reverse osmosis technology is planned.
Corporate Actions: Dividends & Dividend policy
As per DEWA’s dividend policy, the Company expects to pay a minimum annual dividend of AED 6.2 billion in the first five years starting October 2022. The dividends are paid semi-annually in April and October. On 26 October 2023, DEWA distributed AED 3.1 billion as dividend for H1, 2023 to its shareholders, based on a record date of 18 October 2023. For H2, 2023, DEWA distributed AED 3.1 billion to its shareholders on April 26th, 2024 based on a record date of April 15th, 2024. The company expects to make its next dividend payment to shareholders for H1, 2024 in October, 2024.
News Source: Dubai Media Office
