DEWA reports H1 net profit at Dhs2.6bn, revenue growth of 7.3%

DFM-listed utilities giant Dubai Electricity and Water Authority (DEWA) has reported a revenue of Dhs13.7bn, an EBITDA of Dhs6.6bn and an operating profit of Dhs3.3bn for H1 2024.

Profit after tax was reported at Dhs2.6bn.

DEWA’s H1 consolidated revenue increased by 7.3 per cent compared to H1 2023, driven mainly by increased demand for electricity, water and cooling services.

However, the consolidated H1 net profit decreased by 6.7 per cent, mainly due to higher depreciation and application of corporate tax in 2024.

For the second quarter, DEWA’s consolidated revenue rose by 7.8 per cent to Dhs7.9bn. EBITDA for the second quarter increased by 8.8 per cent to Dhs4bn, while profit before tax grew by 5.9 per cent to Dhs2.1bn.

Growing demand for water and power

Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: “Our first half financials reflect robust revenue growth of 7.3 per cent and impressive EBITDA growth of 8.9 per cent compared to the same period of the previous year. The demand for power and water in 2024 grew by 6.7 per cent and 4.3 per cent respectively, reflecting continuous growth in Dubai.

“By 2030, our installed capacity for power will reach 20 GW and 735 MIGD for water. 5.3 GW will be from renewable sources, representing 27 per cent. We will monitor and maintain the world-leading benchmarks that we have already established in regard to the 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.”

DEWA reported its first half 2024 consolidated financial results, recording revenue of AED 13.7 billion, EBITDA of AED 6.6 billion, operating profit of AED 3.3 billion and profit after tax of AED 2.6 billion.#DEWANews pic.twitter.com/2EMWM8ngdf

— DEWA | Official Page (@DEWAOfficial) August 8, 2024

Other key highlights for DEWA

Gross power generation in H1 was 25.5 TWh, marking a 6.7 per cent increase over the 23.9 TWh generated in the same period in 2023. Green energy accounted for 3.3 TWh, representing 12.9 per cent of total generation in 2024.

As of June 30, the utilities major had 1,236,845 electricity and water customer accounts, an increase of 52,134 (4.4 per cent) compared to the same period last year.

Total desalinated water production in the first half of 2024 reached 71.3 billion Imperial Gallons, a 4.3 per cent increase compared to 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 unchanged at 495 MIGD.

Read: DEWA invests Dhs1.36bn in 8 new 132/11 kV transmission substations