Dewa posts record breaking H1 results; revenue soars to $3.7bln

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Dubai Electricity and Water Authority (Dewa) today (August 8) announced record breaking results for the first half with its consolidated revenue soaring to hit AED13.7 billion ($3.72 billion), thus registering a 7.3% increase over last year.

Announcing the results for the six-month period ended June 30, 2024, Dewa said this revenue growth was mainly driven by a spurt in demand for electricity, water and cooling services. However, its consolidated net profit fell 6.7% to AED2.6 billion ($708 million).

The decline was mainly due to higher depreciation and the first-time application of corporate tax in 2024, it stated, adding that the ebitda for the six-month period hit AED6.6 billion, while its operating profit rose to AED 3.3 billion.

On its Q2 performance, Dubai's exclusive electricity and water services provider, said its consolidated revenue for the period increased by 7.8% to AED7.9 billion.

Its ebitda for the three-month period grew 8.8% to AED4 billion, while its profit before tax surged 5.9% to AED2.1 billion.

According to Dewa, the gross power generation in the first half of 2024 stood at 25.5 TWh marking an increase of 6.7% over 23.9 TWh generated in the same period in 2023.

Out of the above, green energy was 3.3 TWh, representing 12.9% of total generation in 2024. As of June 30, 2024 there are 1.24 million electricity and water customer accounts, thus representing an increase of 52,134 (4.4%) over the number of customers accounted last year.

Dewa said the total desalinated water production during the six-month period hit 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.