DEWA Reports Record AED 13.7 Billion Revenue And AED 6.6 Billion EBITDA For H1 2024

Dubai Electricity and Water Authority PJSC (DEWA) has announced record financial results for the first half of 2024, reflecting significant growth in revenue, EBITDA, and operating profit. The utility reported a first-half revenue of AED 13.7 billion, marking a 7.3% increase compared to the same period last year. EBITDA surged to AED 6.6 billion, up 8.9%, while operating profit reached AED 3.3 billion, a 6.3% increase. The net profit for the first half of 2024 was AED 2.6 billion, despite a 6.7% decline attributed to higher depreciation and the introduction of corporate tax.

DEWA’s strong performance was driven by increased demand for electricity, water, and cooling services. The company’s second-quarter results showed a revenue increase of 7.8% to AED 7.9 billion and an EBITDA rise of 8.8% to AED 4.0 billion. DEWA also reported a 5.9% increase in profit before tax for the second quarter.

The first half of 2024 saw DEWA’s gross power generation rise by 6.7% to 25.5 TWh, with green energy contributing 12.9% of the total. Water production also increased by 4.3%, reaching 71.3 billion Imperial Gallons. The company’s installed generation capacity stood at 16.779 GW, including 2.86 GW from renewable sources.

As part of its corporate actions, DEWA has approved the payment of AED 3.1 billion in dividends to shareholders, scheduled for October 2024. This follows a similar dividend distribution in April 2024. DEWA’s dividend policy aims to pay a minimum annual dividend of AED 6.2 billion in the first five years.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, emphasized the company’s commitment to aligning with Dubai’s vision to become one of the world’s top cities by enhancing efficiency, expanding renewable energy, and supporting Dubai’s 2050 Net-Zero emissions goal.