Dubai Electricity and Water Authority (DEWA) has announced its consolidated financial results for the first half of 2024, showing a substantial increase in revenue and key financial metrics.
The company achieved a record revenue of AED13.7 billion, reflecting a 7.3% rise compared to the same period in 2023.
Financial Performance Overview
DEWA’s financial performance for the first half of 2024 highlights robust growth across several key areas:
- Revenue: AED13.7 billion, up by 7.3% year-over-year.
- EBITDA: AED6.6 billion, showing an 8.9% increase compared to H1 2023.
- Operating Profit: AED3.3 billion.
- Profit After Tax: AED2.6 billion.
Despite the revenue growth, DEWA reported a 6.7% decline in consolidated net profit, which totaled AED2.6 billion.
Strategic Goals and Future Outlook
Saeed Mohammed Al Tayer, MD and CEO of DEWA, commented on the financial results, stating, “The first-half financials reflect a significant revenue growth of 7.3% and notable EBITDA improvement of 8.9% from the previous year. The increase in demand for power and water—by 6.7% and 4.3%, respectively—illustrates Dubai’s continuous growth.”
Looking ahead, DEWA aims to reach a total installed capacity of 20 GW for power and 735 million imperial gallons per day (MIGD) for water by 2030. Of this, 5.3 GW will come from renewable sources, accounting for 27% of the total capacity.
DEWA is committed to maintaining its high standards in efficiency and customer service while supporting Dubai’s ambitious 2050 Net-Zero emissions target.
Production and Service Metrics
DEWA’s first-half production metrics for 2024 are as follows:
- Gross Power Generation: 25.5 TWh, an increase of 6.7% from the 23.9 TWh generated in H1 2023.
- Green Energy: 3.3 TWh, representing 12.9% of the total power generation.
- Desalinated Water Production: 71.3 billion imperial gallons, up by 4.3% compared to the same period in 2023.
As of June 30, 2024, DEWA had 1,236,845 electricity and water customer accounts, reflecting a 4.4% increase from the previous year. The company’s installed generation capacity reached 16.779 GW, including 2.86 GW from renewable sources.
Dividend Distribution
In line with DEWA’s dividend policy, which promises a minimum annual dividend of AED6.2 billion over the first five years starting from October 2022, the company distributed AED3.1 billion as dividends for H2 2023 on April 26, 2024.
For H1 2024, DEWA has received approval to distribute AED3.1 billion to its shareholders, with the record date set for October 18, 2024.
These financial results underline DEWA’s continued commitment to growth and sustainability, reinforcing its role as a leading utility provider in the region.