Dubai Electricity and Water Authority PJSC Announces Record Breaking First Half 2024 Results
09.08.2024 - 07:05:37Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), today 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.
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HE Saeed Mohammed Al Tayer, MD & CEO of DEWA (Photo: AETOSWire)
DEWA’s first half consolidated revenue increased by 7.3% to a record AED 13.7 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% to AED 2.6 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% to AED 7.9 billion in 2024. EBITDA for the second quarter was up by 8.8% to AED 4.0 billion, and Profit before Tax was up by 5.9% to AED 2.1 billion.
June 2024 there were 1,236,845 Electricity and Water customer accounts representing an increase of 52,134 (4.4%) 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% 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.
DEWA’s audited financials can be found at DEWA’s website: https://www.dewa.gov.ae/en/investor-relations
*Source: AETOSWire
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