DEWA Reports Record Revenue of $3.72 Billion in First Half of 2024
Dubai, Friday, 9 August 2024.
Dubai Electricity and Water Authority (DEWA) announced unprecedented financial results for H1 2024, with revenue reaching AED 13.7 billion ($3.72 billion), up 7.3% year-on-year. The utility giant saw increased demand for electricity (6.7%) and water (4.3%), reflecting Dubai’s continuous growth. DEWA plans to expand its capacity significantly by 2030, with 27% from renewable sources.
Surge in Green Energy Initiatives
The Dubai Electricity and Water Authority (DEWA) has made significant strides in its green energy initiatives, contributing to a more sustainable future for Dubai. In the first half of 2024, DEWA’s gross power generation reached 25.5 TWh (terawatt hours), with green energy accounting for 3.3 TWh, representing 12.9% of the total power generated. This achievement underscores DEWA’s commitment to supporting Dubai’s ambitious 2050 net-zero emissions goal.
Financial Performance and Growth
DEWA’s financial performance for the first half of 2024 was remarkable, with a consolidated revenue increase of 7.3% year-on-year, reaching AED 13.7 billion. The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) also saw an 8.9% increase, amounting to AED 6.6 billion. Operating profit rose by 6.3% to AED 3.3 billion, while profit after tax stood at AED 2.6 billion. These figures highlight DEWA’s robust growth and operational efficiency.
Infrastructure Expansion Plans
To meet the growing demand for electricity and water, DEWA has outlined ambitious plans to expand its infrastructure. By 2030, DEWA aims to increase its installed power capacity to 20 GW, with 5.3 GW coming from renewable sources, constituting 27% of the total capacity. Additionally, the authority plans to expand its water capacity to 735 MIGD (million imperial gallons per day). These expansions will ensure that DEWA can continue to provide reliable and sustainable services to Dubai’s residents and businesses.
Customer Base and Service Enhancements
DEWA’s customer base has also grown significantly, reaching 1,236,845 electricity and water customer accounts as of June 30, 2024. This marks an increase of 4.4% compared to the same period in 2023. The total desalinated water production for the first half of 2024 was 71.3 billion Imperial Gallons, a 4.3% increase year-on-year. These figures reflect DEWA’s continuous efforts to enhance its services and infrastructure to meet the needs of its expanding customer base.
Commitment to Shareholders
DEWA remains committed to delivering value to its shareholders. The company has approved a significant dividend payout of AED 3.1 billion for the first half of 2024, set for distribution in October 2024. This follows a previous dividend payout of AED 3.1 billion for the second half of 2023, distributed in April 2024. DEWA’s dividend policy ensures a minimum annual dividend of AED 6.2 billion for the first five years starting from October 2022, reflecting the company’s strong financial health and commitment to shareholder returns.
Bronnen
- www.businesswire.com
- www.miragenews.com
- www.dubaieye1038.com
- focus.hidubai.com
- economymiddleeast.com