Dubai Electricity & Water Authority PJSC

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.

Dubai Electricity and Water Authority PJSC and its subsidiaries have released their condensed consolidated interim financial information for the six-month period ending June 30, 2024. This information is unaudited.

On 1 August 2024, Mr. Hamed Ahmed Ali, CEO of Dubai Financial Market, was notified of a Board of Directors meeting for Dubai Electricity and Water Authority PJSC (DEWA) scheduled for Thursday, 8 August 2024 at 9:00 am. The meeting agenda includes reviewing the company's financial statements for the second quarter ending on 30 June 2024, discussing the distribution of AED 3.1 billion in cash dividends for the first half of 2024 to be paid in October 2024, and addressing other business matters. The notification was signed by Aakash Nijhawan, Group Head of Investor Relations at DEWA.

Dubai Electricity and Water Authority (DEWA) has commissioned a new water reservoir in Enkhali, which has been connected to Dubai’s water network. The reservoir, with a storage capacity of 120 million imperial gallons (MIG), cost AED 287.8 million. This project is part of DEWA’s initiative to enhance the infrastructure for electricity and water, aiming to increase Dubai's water storage capacity. The UAE Water Security Strategy 2036 supports sustainable water access and addresses future challenges. DEWA's strategy includes other reservoirs in Lusaily, Hassyan, and Hatta, which will increase the total storage capacity to 1121.3 MIG of desalinated water upon completion. Additionally, the Aquifer Storage and Recovery (ASR) project will store up to 6,000 MIG by 2025, making it the largest of its kind globally. The Enkhali reservoir adheres to the highest international standards.

Dubai Electricity and Water Authority PJSC (DEWA) announced that Moody's has upgraded its long-term issuer rating from Baa2 to A3 with a stable outlook. This upgrade reflects positive macroeconomic trends in Dubai, DEWA's strong market position, robust asset base, favorable tariff structure, and strong liquidity profile. DEWA's leadership attributed the upgrade to the visionary guidance of Dubai's leaders. The improved rating is expected to enhance DEWA's financial and operational performance, ensuring consistent dividends for shareholders. According to DEWA's dividend policy, the company plans to pay a minimum annual dividend of AED 6.2 billion for the first five years starting October 2022.

Dubai Electricity and Water Authority (DEWA) has signed a memorandum of understanding (MoU) with Parkin, Dubai's largest supplier of paid public parking facilities, to increase the number of EV 'Green Charger' stations. The initiative aims to enhance sustainability and promote the use of electric vehicles (EVs). As part of the UAE's commitment to sustainability and green mobility, the move supports the National Electric Vehicles Policy and the Dubai Green Mobility Strategy 2030. As of April 2024, there were over 30,000 EVs in Dubai, with the figure expected to rise in the future. The number of customers registered with the EV Green Charger initiative also increased to over 15,000 by March 2024.

Dubai Electricity and Water Authority PJSC (DEWA) reported strong first quarter results for 2024, with revenue reaching AED 5.8 billion, marking a 6.7% increase year-on-year. The company also recorded its highest ever Q1 EBITDA of AED 2.6 billion, up by 9%, and a consolidated operating profit of AED 995 million, a rise of 11.6%. Additionally, DEWA delivered an extra AED 692 million in net cash from operations, reaching AED 3.3 billion, a 26.9% increase. The company attributes these exceptional results to a high demand growth of 6.4% in electricity and 5.9% in water.

On May 9, 2024, the Board of Directors of Dubai Electricity and Water Authority (DEWA) had a meeting where they approved the company's financial statements for the first quarter ending March 31, 2024. Aside from this, the Board also reviewed and considered general business matters. The information was communicated to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, by Aakash Nijhawan, the Group Head of Investor Relations at DEWA.