Staff Report
Dubai, UAE
Dubai Electricity and Water Authority PJSC (DEWA), Dubai’s exclusive electricity and water services provider, registered a record first nine-month revenue of Dh23.5 billion in 2024, a 6.2 percent uptick from the corresponding period in 2023. It generated earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Dh11.8 billion and net profit of Dh5.5 billion after tax. Its cash of operations reached Dh11.6 billion, increasing 17.83 percent from the first nine-month period in 2023. The financial growth is fuelled by an increase in demand for electricity, water and cooling services.
Saeed Mohammed Al Tayer, MD & CEO of DEWA, said, “DEWA’s 6.2 percent revenue growth to Dh23.5 billion and 4.7 percent increase in EBITDA to Dh11.8 billion for the first 9 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 will continue to deliver strong shareholder value through efficient operations, consistent dividends and support Dubai’s transition to a green economy.”
DEWA’s third quarterly consolidated revenue increased by 4.75 percent to Dh9.9 billion in 2024. The firm’s EBITDA for the third quarter was Dh5.1 billion, and cash from operations was up by 34.20 percent to Dh5.9 billion.
As per DEWA’s dividend policy, the company expects to pay a minimum annual dividend of Dh6.2 billion in the first five years starting October 2022. The dividends are paid semi-annually in April and October. For H1, 2024, DEWA has distributed Dh3.1 billion to its shareholders on October 31, 2024, based on a record date of October 18, 2024.
Ends
Also read: DEWA announces 1,800MW additional solar power by 2030
