DEWA Reports Highest Top Line Results in History with a Record First 9-month Revenue

Dubai Electricity and Water Authority, which is listed on the Dubai Financial Market (DFM), has reported its first 9 month consolidated financial results for 2024, recording cumulative revenue of AED 23.5 billion, EBITDA of AED 11.8 billion, and net profit after tax of AED 5.5 billion.

H.E. Saeed Mohammed Al Tayer, MD & CEO of DEWA said: “We are committed to excellence and sustainable growth, guided 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, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE.

"DEWA’s 6.2% revenue growth to AED 23.5 billion and 4.7% increase in EBITDA to AED 11.8 billion for the first 9 months of 2024, reflect continued growth in the Emirate of Dubai and our commitment to operational excellence, innovation, and sustainability.

"We are contributing to Dubai’s vision for a sustainable future in alignment with the Dubai Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050. DEWA will continue to deliver strong shareholder value through efficient operations, consistent dividends and support Dubai’s transition to a green economy."

DEWA’s financial performance summary

DEWA’s third quarterly consolidated revenue increased by 4.75% to AED 9.9 billion in 2024. DEWA’s EBITDA for the third quarter was AED 5.1 billion, and Cash from Operations was up by 34.20% to AED 5.9 billion.

DEWA’s first 9-month consolidated revenue increased by 6.20% to a record AED 23.5 billion in 2024, and this was mainly driven by an increase in demand for electricity, water and cooling services. DEWA’s consolidated first 9-month EBITDA was up by 4.71% to AED 11.8 billion.

Operating Performance Summary

In the third quarter of 2024, DEWA’s power generation soared to a high of 19.6 TWh marking a 3.98% increase from the same period last year. Notably, 1.8 TWh out of 19.6 TWh was from green energy source.

This clean power accounted for 9.18% of the total power generated in Q3, 2024. DEWA is committed to using clean energy and maintain a sustainable generation mix to meet future demand.

DEWA imported 3.25 TWh from Hassyan power plant, 0.32 TWh from Warsan Waste Management Company and generated the remaining 14.32 TWh from its gas fired portfolio during the third quarter of 2024.

DEWA experienced a noteworthy 3.41% increase in its quarterly peak demand compared to Q3, 2023, reaching 10.76 GW. The quarterly gross heat rate of 7,923 BTU/kWh is the best achieved so far in DEWA history.

Collectively, these achievements highlight DEWA’s unwavering commitment to sustainability and operational excellence in the services that we provide.

DEWA’s total desalinated water production in the third quarter of 2024 grew by 4.64% compared to the previous year, reaching a record production of 40.5 billion Imperial Gallons (BIG).

The daily desalinated water demand reached a record peak of 455 Million Imperial Gallons (MIG) which is a 4.92% increase over the same period of the previous year.

At the end of the third quarter of 2024, DEWA has 1,250,288 customer accounts, representing a 4.16% increase compared to the same period in the previous year.

Select quarterly highlights

During the third quarter of 2024, DEWA commissioned two 132 kV substations, and 426 11kV substations. By the end of the third quarter of 2024, the company’s installed generation capacity was 16.779 GW with 2.86 GW (17%) of this capacity representing renewable energy.

The company’s installed desalinated water production capacity was unchanged at 495 MIGD.

By the end of 2030, DEWA plans to reach installed capacity of 20 GW and 735 MIGD of desalinated water. Of this 20 GW, around 5.3 GW will be from clean sources, representing 26.5%. In the same period, the company plans to add 240 MIGD of desalination capacity using reverse osmosis technology.

Corporate Actions: Dividends & Dividend policy

As per DEWA’s dividend policy, the Company expects to pay a minimum annual dividend of AED 6.2 billion in the first five years starting October 2022. The dividends are paid semi-annually in April and October.

For H1, 2024, DEWA has distributed AED 3.1 billion to its shareholders on 31st October 2024, based on a record date of 18th October 2024.