Dubai Electricity and Water Authority PJSC Announces Record-Breaking First Half 2024 Financial Results
Dubai Electricity and Water Authority PJSC (DEWA) (ISIN: AED001801011) (Symbol: DEWA), the exclusive provider of electricity and water services in Dubai and a publicly listed company on the Dubai Financial Market (DFM), has reported record-breaking consolidated financial results for the first half of 2024. DEWA achieved a revenue of AED 13.7 billion, EBITDA of AED 6.6 billion, an operating profit of AED 3.3 billion, and a profit after tax of AED 2.6 billion.
The company’s first-half consolidated revenue saw a 7.3% increase compared to the same period in 2023, driven primarily by a rise in demand for electricity, water, and cooling services. However, the consolidated net profit for the first half of 2024 decreased by 6.7% to AED 2.6 billion, largely due to higher depreciation costs and the introduction of corporate tax in 2024.
In the second quarter of 2024 alone, DEWA's consolidated revenue grew by 7.8% to AED 7.9 billion. EBITDA for the quarter rose by 8.8% to AED 4.0 billion, while profit before tax increased by 5.9% to AED 2.1 billion.
During the first half of 2024, DEWA's gross power generation reached 25.5 TWh, a 6.7% increase compared to the 23.9 TWh generated during the same period in 2023. Notably, green energy contributed 3.3 TWh, accounting for 12.9% of the total power generation. The number of electricity and water customer accounts as of 30th June 2024 stood at 1,236,845, marking a 4.4% increase over the previous year.
In terms of water production, DEWA’s desalinated water output in the first half of 2024 totaled 71.3 billion Imperial Gallons, representing a 4.3% increase from the same period in 2023. By the end of the first half of 2024, DEWA’s installed generation capacity reached 16.779 GW, including 2.86 GW of renewable energy capacity. The company’s installed desalinated water production capacity remained steady at 495 MIGD.
DEWA's audited financials for the first half of 2024 are available on the company’s website: DEWA Investor Relations.
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