The Dubai Electricity and Water Authority (DEWA) reported its first half 2024 consolidated financial results, recording revenue of AED13.7 billion ($3.72 billion), EBITDA of AED6.6 billion, operating profit of AED3.3 billion and profit after tax of AED2.6 billion.
Continuous growth in demand
Saeed Mohammed Al Tayer, managing director and CEO of DEWA, stated that the company’s first-half financials reflect robust revenue growth of 7.3 percent and impressive EBITDA growth of 8.9 percent compared to the same period of the previous year. He noted that the demand for power and water in 2024 grew by 6.7 percent and 4.3 percent, respectively, indicating continuous growth in Dubai.
Ambitious capacity expansion and sustainability goals
Al Tayer further commented that by 2030, DEWA’s installed capacity for power will reach 20 GW and 735 MIGD for water. He stated that 5.3 GW will be from renewable sources, representing 27 percent of the total. He assured that the company will monitor and maintain the world-leading benchmarks it has already established in regard to the efficiency of generation, transmission, distribution, and delivery of outstanding customer service. Additionally, Al Tayer said that DEWA will strive to remain above the curve in the transition journey to a green and sustainable organisation and support Dubai to reach its ambitious 2050 Net-Zero emissions goal.
Read more: Dubai’s DEWA sees over 6.7 million digital transactions in H1 2024, up 11 percent
Revenue growth, profitability
DEWA’s H1 consolidated revenue increased by 7.3 percent to a record AED13.7 billion in 2024, compared to the first half of 2023 and this was mainly driven by an increase in demand for electricity, water and cooling services.
Consolidated first-half net profit was down 6.7 percent to AED2.6 billion.
Increased generation and renewable energy mix
Gross power generation in the first half of 2024 was 25.5 TWh marking an increase of 6.7 percent over 23.9 TWh generated in the same period in 2023. Out of the above, green energy was 3.3 TWh, representing 12.9 percent of total generation in 2024.
Customer growth, water production increase
As of 30th June 2024, there were 1,236,845 Electricity and Water customer accounts, representing an increase of 52,134 (4.4 percent) over the number of customer accounts last year.
DEWA’s total desalinated water production in the first half of 2024 reached 71.3 billion Imperial Gallons, which is 4.3 percent increase compared to the same period of 2023.
Moreover, by the end of the first half of 2024, the company’s installed generation capacity reached 16.779 GW, including 2.86 GW representing renewable energy capacity.
Dividend distribution
As per DEWA’s dividend policy, the Company expects to pay a minimum annual dividend of AED6.2 billion ($1.68 billion) in the first five years starting October 2022. The dividends are paid semi-annually in April and October.
Furthermore, on 26th April 2024, DEWA distributed AED3.1 billion as dividend for H2, 2023 to its shareholders, based on a record date of 8th April 2024.
For H1, 2024, DEWA has received approval to distribute AED3.1 billion to its shareholders based on a record date of 18th October 2024.
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