DEWA Achieves Historic Revenue and EBITDA Records in First 9 Months of 2024
Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), Dubai's sole provider of electricity and water services, listed on the Dubai Financial Market (DFM), has reported record-breaking financial results for the first nine months of 2024. DEWA’s revenue reached AED 23.5 billion, marking a 6.20% year-over-year increase, while EBITDA grew to AED 11.8 billion, up by 4.71%.
Quote from HE Saeed Mohammed Al Tayer, MD & CEO of DEWA:
"Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the directives of Dubai's leadership, DEWA is committed to operational excellence, sustainable growth, and innovation. Our record revenue growth and EBITDA reflect Dubai's dynamic progress and DEWA’s focus on efficiency and sustainability, aligning with the Dubai Clean Energy Strategy 2050 and the Net Zero Carbon Emissions Strategy 2050. DEWA remains dedicated to delivering strong shareholder value, consistent dividends, and supporting Dubai’s transition to a green economy.”
Key Financial Highlights (9 Months Ended September 30, 2024):
- Revenue: AED 23.5 billion (+6.20% YoY)
- EBITDA: AED 11.8 billion (+4.71% YoY)
- Cash from Operations: AED 11.6 billion (+17.83% YoY)
- Dividends: AED 3.1 billion paid to shareholders in October 2024
Q3 2024 Financial Summary:
- Revenue: AED 9.9 billion (+4.75% YoY)
- EBITDA: AED 5.1 billion
- Cash from Operations: AED 5.9 billion (+34.20% YoY)
Operational Milestones in Q3 2024
- Electricity Generation: 19.6 TWh, of which 9.18% came from clean energy.
- Water Production: 40.5 billion Imperial Gallons (BIG), marking a 4.64% YoY increase.
- Customer Accounts: 1,250,288, representing a 4.16% YoY growth.
Expansion and Sustainability Goals
DEWA’s installed electricity generation capacity stood at 16.779 GW, with 17% derived from renewable sources. The company aims to reach a 20 GW capacity by 2030, including 5.3 GW from clean energy sources, and plans to expand desalination capacity to 735 MIGD, with 240 MIGD powered by reverse osmosis technology.
Dividend Policy and Shareholder Returns
In alignment with its dividend policy, DEWA anticipates paying AED 6.2 billion annually over five years. DEWA distributed AED 3.1 billion to shareholders in October 2024.
About Dubai Electricity and Water Authority PJSC
Founded in 1992, DEWA is Dubai’s exclusive provider of electricity and water services. Listed on the DFM since April 2022, DEWA operates the largest district cooling services network globally and encompasses subsidiaries such as Mai Dubai, Digital DEWA, and Etihad ESCO.