Dubai Electricity and Water Authority Reports Record-Breaking H1 2024 Results

Photo : Dubai Government Media Office

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011, Symbol: DEWA), the exclusive provider of electricity and water services in the Emirate of Dubai and listed on the Dubai Financial Market (DFM), has announced its consolidated financial results for the first half of 2024. The results highlight significant growth and strong performance across key financial metrics.

For the first half of 2024, DEWA reported a remarkable revenue of AED 13.7 billion, marking an increase of 7.3% compared to the same period in 2023. The company achieved an EBITDA of AED 6.6 billion and an operating profit of AED 3.3 billion. The profit after tax for the period stood at AED 2.6 billion.

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In a statement, HE Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, remarked, “Our first half financials reflect robust revenue growth of 7.3% and impressive EBITDA growth of 8.9% compared to the same period last year. The demand for power and water in 2024 grew by 6.7% and 4.3%, respectively, underscoring continuous growth in Dubai. In alignment with our strategic objectives and the vision of our wise leadership to position Dubai among the world’s best cities, DEWA is committed to being recognized as one of the top-operated utilities globally. By 2030, our installed power capacity will reach 20 GW, with 5.3 GW from renewable sources, representing 27%. We will continue to uphold the world-leading benchmarks we have set in efficiency, customer service, and sustainability, supporting Dubai's ambitious goal of achieving net-zero emissions by 2050.”

DEWA's financial performance for the first half of 2024 was driven primarily by increased demand for electricity, water, and cooling services. Despite a 6.7% decline in consolidated net profit to AED 2.6 billion, attributed to higher depreciation and the introduction of corporate tax, the company demonstrated strong operational results.

In the second quarter of 2024, DEWA’s consolidated revenue rose by 7.8% to AED 7.9 billion. EBITDA for the quarter increased by 8.8% to AED 4.0 billion, and profit before tax improved by 5.9% to AED 2.1 billion.

Operating Performance Summary:

Gross power generation for the first half of 2024 reached 25.5 TWh, up 6.7% from 23.9 TWh in the same period last year. Of this, green energy accounted for 3.3 TWh, representing 12.9% of the total generation. As of June 30, 2024, DEWA had 1,236,845 electricity and water customer accounts, an increase of 52,134 accounts (4.4%) from the previous year. The total desalinated water production for the first half of 2024 was 71.3 billion Imperial Gallons, marking a 4.3% increase compared to the same period in 2023.

Selected Half-Year Highlights:

By the end of the first half of 2024, DEWA’s installed generation capacity reached 16.779 GW, including 2.86 GW from renewable energy sources. The company's installed desalinated water production capacity remained steady at 495 MIGD.

DEWA continues to set ambitious targets and maintain its leading role in supporting Dubai’s sustainable growth and development.