Dubai Electricity And Water Authority’s Q1 2024 Financial Snapshot: Revenue Up By 6.7%, EBITDA Soars By 9.0%

Dubai Electricity and Water Authority PJSC (DEWA), a leading provider of electricity and water services in Dubai, has announced its consolidated financial results for the first quarter of 2024, demonstrating robust performance and record-breaking figures across key metrics.

Key Financial Highlights:

• Revenue: DEWA reported first-quarter revenue of AED 5.8 billion, representing a 6.7% year-on-year increase.
• EBITDA: The company achieved its highest-ever first-quarter EBITDA of AED 2.6 billion, marking a significant 9.0% increase from the previous year.
• Operating Profit: DEWA recorded a record first-quarter consolidated operating profit of AED 995 million, up by 11.6% compared to the same period last year.
• Net Cash from Operations: The company generated an incremental AED 692 million in net cash from operations, reaching AED 3.3 billion, reflecting a remarkable 26.9% year-on-year growth.

Quote from HE Saeed Mohammed Al Tayer, MD & CEO of DEWA:

“We are committed to excellence and sustainable growth, inspired by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The high demand growth in electricity and water has contributed to exceptional operating results in this quarter. We will continue to focus on delivering sustainable growth and optimizing returns for all our stakeholders.”

DEWA’s Strategic Focus:

DEWA remains dedicated to supporting Dubai’s economic agenda and achieving ambitious energy transition goals outlined in the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050. The company aims to provide 100% of the required energy from clean sources by 2050.

Operational Performance Summary:

• Gross Power Generation: DEWA’s gross power generation reached 10.3 TWh, with clean power accounting for 14% of the total generated in Q1, 2024.
• Desalinated Water Production: Total desalinated water production grew by 5.36% to reach a record 34 Billion Imperial Gallons (BIG).
• Customer Base: DEWA experienced a 4.7% increase in customer accounts, reaching 1,224,560 accounts compared to the previous year.

Ongoing Projects and Future Plans:

DEWA continues to progress with ongoing projects, including the commissioning of new substations and achieving financial close for new IPP/IWP projects. By 2030, the company plans to increase its installed power capacity to approximately 20 GW and desalinated water capacity to 735 MIGD.

Dividend Policy:

DEWA follows a dividend policy aiming to pay a minimum annual dividend of AED 6.2 billion in the first five years starting October 2022. The company expects to make its next dividend payment to shareholders for H1, 2024, in October 2024.