Dewa revenue rises 7.3% in first half

Gross power generation in the first half of 2024 was 25.5 TWh

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Published: Thu 8 Aug 2024, 5:23 PM

Last updated: Thu 8 Aug 2024, 5:32 PM

Dubai Electricity and Water Authority (Dewa), the emirate’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market, on Thursday reported a revenue of Dh13.7 billion, Ebitda of Dh6.6 billion, operating profit of Dh3.3 billion and profit after tax of Dh2.6 billion for the first half of 2024.

Dewa’s first half consolidated revenue increased by 7.3 per cent to a record Dh13.7 billion in 2024, compared to first half of 2023 and this was mainly driven by an increase in demand for electricity, water and cooling services. Consolidated first half net profit was down 6.7 per cent to Dh2.6 billion mainly due to higher depreciation and the first-time application of corporate tax in 2024. Dewa’s second quarterly consolidated revenue increased by 7.8 per cent to Dh7.9 billion in 2024. Ebitda for the second quarter was up by 8.8 per cent to Dh4.0 billion, and Profit before Tax was up by 5.9 per cent to Dh2.1 billion.

Gross power generation in the first half of 2024 was 25.5 TWh marking an increase of 6.7 per cent over 23.9 TWh generated in the same period in 2023. Out of the above, green energy was 3.3 TWh, representing 12.9 per cent of total generation in 2024. As of 30th June 2024 there were 1,236,845 Electricity and Water customer accounts representing an increase of 52,134 (4.4 per cent) over the number of customer accounts as on 30th June 2023. Dewa’s total desalinated water production in the first half of 2024 reached 71.3 billion Imperial Gallons, which is 4.3 per cent increase compared to the same period of 2023.

By the end of the first half of 2024, the company’s installed generation capacity reached 16.779 GW including 2.86 GW representing renewable energy capacity. The company’s installed desalinated water production capacity was unchanged at 495 MIGD.

“The demand for power and water in 2024 grew by 6.7% and 4.3% respectively reflecting continuous growth in Dubai. By 2030 our installed capacity for power will reach 20 GW and 735 MIGD for water. Of this, 5.3 GW will be from renewable sources, representing 27%. We will monitor and maintain the world leading benchmarks that we have already established in regard to efficiency of generation, transmission and distribution and delivering outstanding customer service. We will strive to remain above the curve in the transition journey to a green and sustainable organisation and support Dubai to reach its ambitious 2050 Net -Zero emissions goal,” said Saeed Mohammed Al Tayer, MD & CEO of Dewa.