DEWA Achieves AED 23.5 Billion Revenue In First Nine Months Of 2024 Amid Sustainability Efforts

Dubai Electricity and Water Authority (DEWA) has announced its financial performance for the first nine months of 2024. The company reported a total revenue of AED23.5 billion, an EBITDA of AED11.8 billion, and a net profit after tax amounting to AED5.5 billion. Saeed Mohammed Al Tayer, MD and CEO of DEWA, stated that these figures reflect Dubai's growth and DEWA's dedication to operational excellence and sustainability.

In the third quarter of 2024, DEWA's revenue rose by 4.75% to AED9.9 billion. The EBITDA for this period reached AED5.1 billion, while cash from operations increased significantly by 34.20% to AED5.9 billion. These results underscore DEWA's strong financial performance during this period.

During the third quarter of 2024, DEWA generated 19.6 TWh of electricity, marking a 3.98% increase compared to the same quarter in the previous year. Of this total, 1.8 TWh was produced from green energy sources, accounting for 9.18% of the overall power generated in Q3 2024.

The Hassyan power plant contributed 3.25 TWh, while Warsan Waste Management Company provided 0.32 TWh during this period. The remaining 14.32 TWh was generated from DEWA's gas-fired portfolio, highlighting its diverse energy mix.

DEWA's desalinated water production in Q3 2024 reached a record high of 40.5 billion Imperial Gallons (BIG), reflecting a growth of 4.64% compared to the previous year. Daily demand for desalinated water peaked at 455 Million Imperial Gallons (MIG), showing a rise of 4.92% over the same period last year.

By the end of Q3 2024, DEWA had increased its customer accounts by 4.16%, reaching a total of 1,250,288 accounts compared to the same time last year.

Infrastructure Developments

In Q3 2024, DEWA commissioned two new substations at 132 kV and added another 426 substations at 11 kV level. By this time, DEWA's installed generation capacity stood at 16.779 GW with renewable energy making up about 17%, or approximately 2.86 GW.

The company's desalinated water production capacity remained steady at 495 MIGD during this period.

Future Plans and Dividend Policy

Looking ahead to the end of the decade, DEWA aims to expand its installed capacity to reach approximately 20 GW by the end of 2030 with about one-fourth coming from clean sources like renewable energy.

The company also plans to enhance its desalination capacity by adding around 240 MIGD using reverse osmosis technology as part of its future strategy.

According to DEWA’s dividend policy initiated in October 2022, it plans to distribute an annual minimum dividend of AED6.2 billion over five years with payments made semi-annually in April and October.

For H1 2024 alone, shareholders received AED3.1 billion on October31st based on records dated October18th.

With inputs from WAM