Dubai Electricity and Water Authority (Dewa) has announced robust financial results for the first quarter of 2024, reporting a revenue of Dh5.8 billion, marking a significant increase of 6.7 per cent from the same period last year.
Despite a slight dip in net profit to Dh651 million compared to Dh763 million in Q1 2023, Dewa demonstrated resilient performance with an 11.6 per cent surge in operating profits, reaching Dh995 million during January-March 2024.
The surge in demand, with electricity growing by 6.4 per cent and water by 5.9 per cent, has been attributed to the impressive operating results, reflecting a 9 per cent increase in EBITDA and an 11.6 per cent rise in operating profit. Saeed Mohammed Al Tayer, Dewa’s Managing Director and CEO, emphasized the company’s commitment to sustainable growth and innovation.
“We are committed to excellence and sustainable growth, inspired by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE. The high demand growth of 6.4% in electricity and 5.9% in water have contributed to exceptional operating results in this quarter as reflected in 9% increase in EBITDA (the highest first quarterly EBITDA in DEWA’s history) and 11.6% increase in operating profit of the group. We will continue to focus on our core strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimising returns for all our stakeholders”, added Al Tayer
Dewa’s strategic initiatives align closely with Dubai’s ambitious clean energy goals outlined in the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050. The company aims to provide 100 per cent of energy needs from clean sources by 2050.
In Q1 2024, Dewa’s EBITDA surged by 9.0 per cent to Dh2.6 billion, with net cash from operations increasing by 26.9 per cent to Dh3.3 billion compared to the same period last year.
The company’s investment in renewable energy has yielded positive results, with gross power generation soaring to 10.3 TWh, a 6.2 per cent increase from Q1 2023. Notably, clean power generation witnessed a remarkable 19.8 per cent increase, accounting for 14 per cent of total power generated in Q1 2024.
Furthermore, Dewa’s commitment to infrastructure development is evident with the commissioning of substations, aiming to enhance operational efficiency and meet growing demand.
With ambitious expansion plans, Dewa aims to achieve an installed power capacity of approximately 20 GW and 735 MIGD of desalinated water by 2030, with a substantial portion sourced from renewables.
