DEWA reports revenue of $8.4bn and $2bn profits for 2024
Dubai Electricity and Water Authority (DEWA) recorded consolidated full year revenue of AED30.98bn ($8.4bn), EBITDA of AED15.7bn ($4.3bn) and net profit after tax of AED7.24bn ($2bn), according to results published on Monday.
For Q4, 2024, DEWA Group reported revenue of AED7.45bn ($bn), EBITDA of AED3.95bn ($bn) and net profit after tax of AED1.76bn ($m).
HE Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority, said: 'The 2050 Net Zero target envisioned by our wise leadership is the driver of DEWA's long term strategy. For 2024, our record revenue of around AED31bn and EBITDA of AED16bn, are a result of enforcing sustainability and excellence in all our plans and activities.
DEWA results 2024
'Today, approximately 17.8 per cent of our installed generation capacity is clean, and we are determined to remain above the curve during DEWA's energy transition journey.
'Our network serves over 1.27m customer accounts and has been acknowledged world-over for achieving the lowest line losses in electricity (2 per cent), water (4.5 per cent), and the lowest Customer Minutes Lost of less than one minute per year.
'We strive to utilise the potential of digitalisation and AI-based tools to achieve further milestones in operating efficiency and superior customer service.
'DEWA ranked first globally in 12 KPIs within its areas of work, according to a study conducted by specialised international consultants.
'In another historic achievement, DEWA is the first utility in the Middle East and North Africa to win the Energy Infrastructure Award at the prestigious 2024 S&P Global Platts Energy Awards for the Mohammed bin Rashid Al Maktoum Solar Park, outperforming 1,000 leading companies that applied for this global honour'.
DEWA's consolidated annual revenue increased by 6.18 per cent to AED30.98bn ($8.4bn) in 2024 primarily driven by rising demand for electricity, water and cooling services.
On a like-for-like basis, DEWA Group delivered an annual profit before tax increase of 1.81 per cent to AED7.98bn ($2.2bn).
DEWA remains focused on its core strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimising returns for all its stakeholders while minimising its environmental footprint.
In 2024, DEWA generated 59.19 TWh of power, marking a 5.42 per cent annual increase from the 56.14 TWh recorded in 2023.
Notably, DEWA generated 6.62 TWh of clean power during the year, a 7.47 per cent increase over the previous year.
This clean power accounted for 11.2 per cent of the total power generated in 2024. DEWA is committed to using clean energy to maintain a sustainable generation mix to meet the consistently growing demand.
The utilities business experienced a noteworthy 3.4 per cent increase in its annual peak demand compared to 2023, reaching 10.76 GW in 2024.
The system desalinated water production in 2024 grew by 5.0 per cent compared to the previous year, reaching a record of 150.48 Billion Imperial Gallons (BIG).
The daily peak desalinated water demand reached 455 MIGD, a 4.92 per cent increase over the previous year.
At the end of 2024, Dubai Electricity and Water Authority had 1,270,285 customer accounts, adding 58,810 accounts during the year, an impressive 4.85 per cent increase over previous year.
By 2030, DEWA will add 240 MIGD of desalination capacity, using seawater reverse osmosis technology. By that time, total installed desalinated capacity will reach 735 MIGD.
As per DEWA's dividend policy, the Company expects to pay a minimum annual dividend of AED6.2bn ($1.7bn) in the first five years starting October 2022.
The dividends are paid semi-annually in April and October. On October 31 2024, DEWA distributed AED3.1bn ($844m) as dividend for H1, 2024 to its shareholders, based on a record date of 18 October 2024.
The upcoming dividend of AED3.1bn ($844m) for H2, 2024 is expected to be distributed in April 2025, subject to approval by shareholders at the annual general assembly.
The issuance of invitations to Dubai Electricity and Water Authority's upcoming annual general assembly is subject to approval by the Securities and Commodities Authority of the UAE.
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