DEWA Achieves AED 13.7 Billion In Revenue For First Half Of 2024, Eyes Sustainable Growth

Dubai Electricity and Water Authority (DEWA) has announced its consolidated financial results for the first half of 2024. The company reported revenue of AED13.7 billion, EBITDA of AED6.6 billion, operating profit of AED3.3 billion, and profit after tax of AED2.6 billion.

DEWA's MD and CEO, Saeed Mohammed Al Tayer, stated, "Our first-half financials reflect robust revenue growth of 7.3% and impressive EBITDA growth of 8.9% compared to the same period of the previous year." He noted that power demand increased by 6.7%, while water demand grew by 4.3% in 2024, indicating continuous growth in Dubai.

The company's H1 consolidated revenue rose by 7.3% to a record AED13.7 billion in 2024 compared to the first half of 2023. This increase was primarily driven by higher demand for electricity, water, and cooling services.

In the first half of 2024, DEWA's gross power generation reached 25.5 TWh, a rise of 6.7% over the 23.9 TWh generated during the same period in 2023. Of this total, green energy accounted for 3.3 TWh, representing 12.9% of total generation in 2024.

By June 30th, 2024, DEWA's installed generation capacity had reached 16.779 GW, including renewable energy capacity of 2.86 GW.

Water Production and Customer Accounts

DEWA's total desalinated water production in H1 2024 was 71.3 billion Imperial Gallons, marking a 4.3% increase compared to the same period in the previous year.

The number of Electricity and Water customer accounts stood at 1,236,845 as of June 30th, 2024, reflecting an increase of 52,134 accounts or a growth rate of 4.4% over last year.

Future Plans and Sustainability Goals

Saeed Mohammed Al Tayer added that by 2030 DEWA aims to have an installed power capacity of 20 GW and water capacity of 735 MIGD (Million Imperial Gallons per Day). Of this capacity, renewable sources will contribute approximately 5.3 GW or about 27%. "We will monitor and maintain world-leading benchmarks regarding efficiency in generation, transmission, distribution," he said.

Al Tayer also emphasised DEWA's commitment to supporting Dubai's ambitious goal to achieve net-zero emissions by 2050 through sustainable practices.

Dividend Policy

According to DEWA's dividend policy, the company plans to pay a minimum annual dividend of AED6.2 billion over five years starting from October 2022. Dividends are distributed semi-annually in April and October.

On April 26th, DEWA distributed AED3.1 billion as dividends for H2-2023 based on a record date of April 8th, while for H1-2024 it has received approval to distribute another AED3.1 billion based on a record date set for October 18th.

The company's consolidated first-half net profit decreased by 6.7%, amounting to AED2.6 billion.

This comprehensive performance report highlights DEWA’s ongoing efforts towards sustainability while ensuring robust financial health and customer satisfaction.

With inputs from WAM