Dubai Electricity and Water Authority (DEWA) has reported its first nine-month consolidated financial results for 2024, recording cumulative revenue of AED23.5bn ($6.4bn), EBITDA of AED11.8bn ($3.3bn) and net profit after tax of AED5.5bn ($1.5bn).
Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority, said: “DEWA’s 6.2 per cent revenue growth to AED23.5bn ($6.4bn) and 4.7 per cent increase in EBITDA to AED11.8bn ($3.3bn) for the first nine 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 results
DEWA’s third quarterly consolidated revenue increased by 4.75 per cent to AED9.9bn ($2.7bn) in 2024. DEWA’s EBITDA for the third quarter was AED5.1bn ($1.4bn), and Cash from Operations was up by 34.2 per cent to AED5.9bn ($1.6bn).
In the third quarter of 2024, DEWA’s power generation soared to a high of 19.6 TWh marking a 3.98 per cent 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 per cent of the total power generated in Q3, 2024.
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 per cent 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 per cent 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 per cent 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 per cent increase compared to the same period in the previous year.
During the third quarter of 2024, Dubai Electricity and Water Authority 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 per cent) 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 an 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 per cent.
In the same period, the company plans to add 240 MIGD of desalination capacity using reverse osmosis technology.
As per DEWA’s dividend policy, the company expects to pay a minimum annual dividend of AED6.2bn ($1.7bn) in the first five years starting October 2022. The dividends are paid semi-annually in April and October.
For H1 2024, Dubai Electricity and Water Authority distributed AED3.1 ($844m) to its shareholders on October 31 2024, based on a record date of October 18, 2024.
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