Dubai Electricity and Water Authority PJSC Announces Record-Breaking H1 2024 Results
Dubai Electricity and Water Authority PJSC (DEWA) has posted its highest-ever financial results for the first half of 2024, showcasing robust growth across all key metrics.
Summary
DEWA reported record revenue of AED 13.7 billion, EBITDA of AED 6.6 billion, and operating profit of AED 3.3 billion for the first half of 2024. The company also announced a dividend payment of AED 3.1 billion to shareholders, reflecting its strong financial performance and commitment to shareholder returns.
Dubai Electricity and Water Authority PJSC (DEWA), the exclusive provider of electricity and potable water in Dubai, has announced its record-breaking financial results for the first half of 2024. The company reported its highest-ever revenue of AED 13.7 billion, marking a 7.3% year-on-year increase. EBITDA also saw a significant rise, reaching AED 6.6 billion, an 8.9% increase compared to the same period last year. Operating profit stood at AED 3.3 billion, up by 6.3%, while profit before tax was AED 2.8 billion, a 2.6% increase year-on-year.
In a statement, HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, said, 'Our first half financials reflect robust revenue growth of 7.3% and impressive EBITDA growth of 8.9% compared to the same period of the previous year. The demand for power and water in 2024 grew by 6.7% and 4.3% respectively, reflecting continuous growth in Dubai.'
DEWA's strategic objectives align with Dubai's vision to become one of the best cities in the world. The company aims to achieve an installed power capacity of 20 GW and 735 MIGD for water by 2030. Notably, 5.3 GW will be sourced from renewable energy, representing 27% of the total capacity. DEWA is committed to maintaining world-leading benchmarks in efficiency, generation, transmission, and distribution, while also delivering outstanding customer service.
Furthermore, DEWA is dedicated to supporting Dubai's ambitious 2050 Net-Zero emissions goal. The company's transition towards a green and sustainable organization is already well underway, positioning it as a leader in the global utility sector.
Given DEWA's strong financial performance and strategic initiatives, investors might find this an opportune moment to consider their positions. The company's consistent growth, coupled with its commitment to sustainability and efficiency, makes it a compelling investment. Therefore, considering the current financial health and future prospects, it is advisable to buy the stock.
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Summary
Dubai Electricity and Water Authority PJSC (DEWA) announced record-breaking financial results for the first half of 2024. The company reported its highest-ever quarterly and half-year revenue of AED 13.7 billion, marking a 7.3% increase. EBITDA reached AED 6.6 billion, up by 8.9%, and operating profit was AED 3.3 billion, a 6.3% rise. The profit after tax stood at AED 2.6 billion. DEWA also approved a dividend payment of AED 3.1 billion to shareholders in October 2024. The growth in demand for power and water was 6.7% and 4.3% respectively. DEWA aims to expand its power capacity to 20 GW and water capacity to 735 MIGD by 2030, with a significant portion coming from renewable sources. The company remains committed to efficiency, outstanding customer service, and supporting Dubai's 2050 Net-Zero emissions goal.
