emirates7 - Dubai Electricity and Water Authority (DEWA) has announced its financial results for the first nine months of 2024, reporting total revenue of AED 23.5 billion, EBITDA of AED 11.8 billion, and a net profit of AED 5.5 billion.
Saeed Mohammed Al Tayer, MD and CEO of DEWA, highlighted the 6.2% growth in revenue and 4.7% increase in EBITDA, attributing these results to Dubai's continued development and DEWA's commitment to operational excellence, innovation, and sustainability. He emphasized DEWA’s role in supporting Dubai’s Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050.
In the third quarter of 2024, DEWA’s revenue grew by 4.75% to AED 9.9 billion, while EBITDA for the quarter reached AED 5.1 billion. Cash from operations surged by 34.2% to AED 5.9 billion.
DEWA’s power generation reached 19.6 TWh in Q3 2024, a 3.98% increase from the previous year, with 1.8 TWh of this coming from green energy, representing 9.18% of the total power produced. The company also saw a 3.41% rise in quarterly peak demand, which reached 10.76 GW, along with a record low gross heat rate of 7,923 BTU/kWh.
Desalinated water production also grew by 4.64%, reaching 40.5 billion Imperial Gallons (BIG), while the daily peak demand for desalinated water hit 455 Million Imperial Gallons (MIG), a 4.92% increase compared to the previous year.
By the end of Q3 2024, DEWA served 1,250,288 customer accounts, a 4.16% increase from the previous year. The company also added two 132 kV substations and 426 11kV substations during the quarter. As of Q3, DEWA’s total generation capacity stood at 16.779 GW, with 17% (2.86 GW) coming from renewable energy, and its desalinated water capacity remained at 495 MIGD.
Looking ahead, DEWA aims to achieve an installed capacity of 20 GW and 735 MIGD of desalinated water by 2030, with 26.5% of this energy coming from clean sources. The company also plans to increase desalination capacity by 240 MIGD using reverse osmosis technology.
According to DEWA's dividend policy, the company expects to pay a minimum annual dividend of AED 6.2 billion in the first five years, with payments made semi-annually. For the first half of 2024, DEWA distributed AED 3.1 billion in dividends to shareholders.
Saeed Mohammed Al Tayer, MD and CEO of DEWA, highlighted the 6.2% growth in revenue and 4.7% increase in EBITDA, attributing these results to Dubai's continued development and DEWA's commitment to operational excellence, innovation, and sustainability. He emphasized DEWA’s role in supporting Dubai’s Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050.
In the third quarter of 2024, DEWA’s revenue grew by 4.75% to AED 9.9 billion, while EBITDA for the quarter reached AED 5.1 billion. Cash from operations surged by 34.2% to AED 5.9 billion.
DEWA’s power generation reached 19.6 TWh in Q3 2024, a 3.98% increase from the previous year, with 1.8 TWh of this coming from green energy, representing 9.18% of the total power produced. The company also saw a 3.41% rise in quarterly peak demand, which reached 10.76 GW, along with a record low gross heat rate of 7,923 BTU/kWh.
Desalinated water production also grew by 4.64%, reaching 40.5 billion Imperial Gallons (BIG), while the daily peak demand for desalinated water hit 455 Million Imperial Gallons (MIG), a 4.92% increase compared to the previous year.
By the end of Q3 2024, DEWA served 1,250,288 customer accounts, a 4.16% increase from the previous year. The company also added two 132 kV substations and 426 11kV substations during the quarter. As of Q3, DEWA’s total generation capacity stood at 16.779 GW, with 17% (2.86 GW) coming from renewable energy, and its desalinated water capacity remained at 495 MIGD.
Looking ahead, DEWA aims to achieve an installed capacity of 20 GW and 735 MIGD of desalinated water by 2030, with 26.5% of this energy coming from clean sources. The company also plans to increase desalination capacity by 240 MIGD using reverse osmosis technology.
According to DEWA's dividend policy, the company expects to pay a minimum annual dividend of AED 6.2 billion in the first five years, with payments made semi-annually. For the first half of 2024, DEWA distributed AED 3.1 billion in dividends to shareholders.