DEWA Announces Record Revenue of AED 30.98 Billion and Highest-Ever EBITDA of AED 15.70 Billion in 2024

Post by: Raman Preet

Photo : Dubai Government Media Office

Dubai Electricity and Water Authority PJSC (DEWA), the only provider of electricity and water services in Dubai, has announced its financial results for the year 2024. The company, which is listed on the Dubai Financial Market (DFM), reported total revenue of AED 30.98 billion for the year. It also recorded an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of AED 15.70 billion and a net profit after tax of AED 7.24 billion. For the last quarter of 2024, DEWA reported revenue of AED 7.45 billion, an EBITDA of AED 3.95 billion, and a net profit after tax of AED 1.76 billion.

Leadership Commitment and Vision
His Excellency Saeed Mohammed Al Tayer, the Managing Director and CEO of DEWA, emphasized the company's commitment to sustainability and excellence, inspired by the vision of Dubai’s leadership. He highlighted that DEWA is playing a vital role in Dubai’s growth and development, following the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and other senior leaders.

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“The UAE’s goal of reaching net zero carbon emissions by 2050 is at the heart of DEWA’s strategy. Our strong financial performance in 2024 is proof that sustainability and excellence are at the core of our operations. About 17.8% of our power generation capacity now comes from clean energy sources, and we are committed to increasing this share. We serve over 1.27 million customers and maintain some of the lowest electricity and water loss rates globally, making our services highly efficient,” said Al Tayer.

Achievements and Global Recognition
In 2024, DEWA ranked first globally in 12 key performance indicators (KPIs) related to its industry, as per a study by international consultants. One of its biggest achievements was winning the prestigious Energy Infrastructure Award at the 2024 S&P Global Platts Energy Awards for its Mohammed bin Rashid Al Maktoum Solar Park. This award was a major milestone as DEWA competed with over 1,000 leading companies worldwide.

Financial Growth and Performance
DEWA’s revenue increased by 6.18% in 2024, mainly due to higher demand for electricity, water, and cooling services. The company’s annual profit before tax rose by 1.81% to AED 7.98 billion.

DEWA continues to focus on smart solutions, digital transformation, and innovative technologies to enhance efficiency and customer experience while reducing environmental impact.

Annual Operational Performance
In 2024, DEWA generated 59.19 terawatt-hours (TWh) of electricity, a 5.42% increase compared to 2023. Of this, 6.62 TWh came from clean energy, representing a 7.47% rise from the previous year. Clean energy accounted for 11.2% of DEWA’s total power generation in 2024.

The peak electricity demand in 2024 increased by 3.4% compared to 2023, reaching 10.76 gigawatts. Desalination water production increased by 5.0% to 150.48 billion imperial gallons, and peak daily demands rose by 4.92% to 455 million imperial gallons per day.

At the end of 2024, DEWA had established 1,270,285 customer accounts, a 4.85% increase from previous years.

Future Growth Plans
DEWA plans to expand its power generation capacity to 20 GW by 2030. Of this, 5.3 GW, or about 27%, will come from clean energy sources, exceeding its previous targets. The company also plans to increase its desalinated water production capacity to 735 MIGD by 2030, using seawater reverse osmosis technology.

Dividends and Shareholder Returns
DEWA follows a dividend policy where it pays a minimum annual dividend of AED 6.2 billion for the first five years from October 2022. In October 2024, DEWA distributed AED 3.1 billion in dividends to its shareholders. Another AED 3.1 billion is expected to be distributed in April 2025, subject to approval at the annual general assembly.

Awards and Recognition in 2024
DEWA secured top rankings in the Brand Finance Middle East 150 report for 2024, emerging as the leading utility company in the UAE and the second most valuable utility brand in the region. The company was also recognized for its commitment to sustainability and ESG (Environmental, Social, and Governance) standards.

Additionally, DEWA won six awards from the British Safety Council, reinforcing its excellence in health, safety, and environmental management. These include the Shield of Honour for Well-being, the Sword of Honour for Health and Safety (for the 17th time), and the Globe of Honour for Environmental Management (for the 13th time).

Furthermore, DEWA was recognized as the world’s most agile energy utility by the Business Agility Institute (BAI). It also received the ‘3G Excellence in Digital Transformation’ and ‘3G Championship Award for Corporate Governance’ from the Global Good Governance Awards, presented by Cambridge IFA in the UK.

Commitment to Innovation
DEWA became the first government entity in the UAE to achieve the ISO/IEC TR 24028:2020 certification for trustworthiness in artificial intelligence (AI), showcasing its efforts in adopting advanced technologies to enhance service quality and efficiency.

With continuous growth, innovation, and a strong commitment to sustainability, DEWA remains a leader in the region’s energy and water sector.

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