In the first half of 2024, DEWA records AED 2.5bn in profits.

Dubai – In a recent financial report released by the Dubai Electricity and Water Authority (DEWA), it was revealed that the company achieved net profits after tax valued at AED 2.55 billion in the first half (H1) of 2024. This marks a slight annual drop from AED 2.73 billion in the same period the previous year. Despite this decrease in profits, DEWA saw an impressive 7.30% year-on-year (YoY) growth in revenues, which reached AED 13.66 billion in H1-24 from AED 12.72 billion.

The basic and diluted earnings per share (EPS) for DEWA stood at AED 0.050 as of June 30, 2024, a decrease from AED 0.053 in H1-23. The total assets of the company also increased, amounting to AED 182.55 billion in H1-24 compared to AED 181.17 billion at the end of 2023.

Looking specifically at the second quarter (Q2) of 2024, DEWA reported a drop in profits to AED 1.90 billion from AED 1.97 billion in Q2-23. However, revenues for the same period saw an increase to AED 7.86 billion from AED 7.29 billion. The basic and diluted EPS for Q2-24 stood at AED 0.037, a decrease from AED 0.039 in the previous year.

Commenting on the financial results, Saeed Mohammed Al Tayer, the Managing Director and CEO of DEWA, expressed his satisfaction with the company’s performance. Al Tayer stated, “The demand for power and water in 2024 grew by 6.70% and 4.30% respectively reflecting continuous growth in Dubai. In line with our strategic objectives and commitment to the vision of the wise leadership to position Dubai amongst the best cities in the world, DEWA is determined to win recognition as one of the best-operated utilities worldwide.”

Al Tayer also outlined DEWA’s goals for the future, saying, “By 2030 our installed capacity for power will reach 20 GW and 735 MIGD for water. 5.3 GW will be from renewable sources, representing 27%.” These ambitious targets demonstrate DEWA’s commitment to sustainability and innovation in the energy sector.

In addition to the financial results for the first half of 2024, DEWA announced that the net profits attributable to the owners of the company reached AED 647.42 million as of March 31. This figure represents a decrease from AED 742.76 million in Q1-23, indicating some challenges faced by the company in the early months of the year.

Overall, DEWA’s financial results for the first half of 2024 demonstrate both strengths and areas for improvement. The company’s focus on sustainability and growth in renewable energy sources bodes well for its future success. As Dubai continues to expand and develop, DEWA remains a key player in ensuring the city’s energy and water needs are met efficiently and sustainably.