DEWA Reports Record Revenue and Growth in 2024

The Dubai Electricity and Water Authority PJSC (DEWA), the exclusive provider of electricity and water services in Dubai, has announced a remarkable financial performance for the year 2024. Reporting a record annual revenue of AED 30.98 billion and an unprecedented EBITDA of AED 15.70 billion, DEWA has set new benchmarks in its operational history.

DEWA's impressive results are not just limited to financial metrics. The company also achieved its highest annual power generation of 59.19 TWh and clean power generation of 6.62 TWh. This underscores DEWA's commitment to sustainability and aligns with Dubai's ambitious 2050 Net Zero target. The highest peak power demand of 10.76 GW and the highest annual desalinated water production of 150.48 BIG further highlight the growing demand for DEWA's services amid Dubai's expanding economy and infrastructure.

For the fourth quarter of 2024, DEWA reported revenue of AED 7.45 billion and EBITDA of AED 3.95 billion, marking a significant year-over-year growth of 6.13% and 11.11%, respectively. This growth trajectory is a testament to DEWA's strategic focus on sustainability and excellence, inspired by the visionary leadership of Dubai.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, emphasized the role of Dubai's leadership in guiding the company's strategic direction, stating, "We are committed to the high standards of excellence and sustainability inspired by His Highness Sheikh Mohammed bin Rashid Al Maktoum and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum."

Looking at DEWA's future, the company is well-positioned to continue its growth trajectory. With approximately 17.8% of its installed generation capacity being clean, DEWA is determined to remain a leader in the energy transition journey. As Dubai continues to grow, the demand for DEWA's services is expected to rise, presenting opportunities for further expansion and innovation.

For investors, DEWA's strong financial performance and strategic focus on sustainability present a compelling case. However, given the current market conditions and the company's ambitious growth plans, a hold position may be advisable to assess future developments and market dynamics.