DEWA Achieves Record Revenue and EBITDA
Dubai Electricity & Water Authority reports unprecedented financial results for the first nine months of 2024, showcasing strong growth and sustainability.
Summary
Dubai Electricity & Water Authority (DEWA) has reported its highest revenue and EBITDA for the first nine months of 2024, reflecting significant growth and commitment to sustainability.
The Dubai Electricity and Water Authority PJSC (DEWA), the exclusive provider of electricity and water services in Dubai, has announced its financial results for the first nine months of 2024, marking a historic achievement in the company's financial performance. DEWA reported a record revenue of AED 23.5 billion, reflecting a 6.2% increase year-over-year, and an EBITDA of AED 11.8 billion, up by 4.71% from the previous year. These results underscore DEWA's robust operational excellence and strategic alignment with Dubai's ambitious sustainability goals.
In a statement, DEWA emphasized its commitment to operational excellence, innovation, and sustainability, guided by the visionary leadership of Dubai's rulers. The company's financial results are a testament to its role in contributing to Dubai's economic growth and its alignment with the Dubai Clean Energy Strategy 2050 and the Net Zero Carbon Emissions Strategy 2050. These strategies aim to ensure a sustainable future for the emirate, with DEWA playing a pivotal role in achieving these objectives.
DEWA's impressive cash flow from operations, which reached AED 11.6 billion, up by 17.83% year-over-year, further highlights the company's strong financial health and ability to generate significant cash. This financial strength enabled DEWA to distribute AED 3.1 billion in dividends to its shareholders in October 2024, reflecting the company's commitment to delivering value to its investors.
Looking forward, DEWA's financial performance and strategic initiatives position it well for continued growth. The company's focus on sustainability and innovation, coupled with its strong financial foundation, suggests a promising future. Investors may find DEWA's stock an attractive option, given its consistent performance and alignment with long-term sustainability goals. Therefore, considering the current financial health and future prospects, the recommendation is to buy the stock, as DEWA continues to demonstrate resilience and growth potential in a rapidly evolving market.
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Summary
Dubai Electricity and Water Authority (DEWA) reported its highest-ever financial results for the first nine months of 2024, with a record revenue of AED 23.5 billion, marking a 6.2% increase from the previous year. The company also achieved a record EBITDA of AED 11.8 billion, up 4.71%, and cash from operations of AED 11.6 billion, up 17.83%. DEWA paid AED 3.1 billion in dividends to shareholders in October 2024. The results reflect DEWA's commitment to operational excellence, innovation, and sustainability, in alignment with Dubai's strategic goals for clean energy and net-zero carbon emissions by 2050.
