DEWA powers up with Dh2.8 billion profit, confirms H1-2024 dividend of Dh3.1b

Dubai: Dubai utility firm DEWA lighted up its H1-2024 net profit before tax with a 2.6 per cent gain to Dh2.8 billion, in turn generated from Dh13.7 billion of revenue, up 7.3 per cent. For the April to June phase, revenue came to Dh7.86 billion.

These are the 'highest top-line results' for quarterly and half-year results in DEWA's history. The consolidated first-half net profit was down 6.7 per cent to Dh2.6 billion 'mainly due to higher depreciation and the first-time application of corporate tax in 2024'.

The company has approved payments of Dh3.1 billion as dividend, which will be paid in October. (The record date for shareholders is October 18.)

Under its dividend policy, DEWA expects to pay a 'minimum' annual dividend of Dh6.2 billion in the first five years, starting October 2022. (The dividends are paid in April and October.)

"The demand for power and water in 2024 grew by 6.7 per cent and 4.3 per cent, respectively, reflecting continuous growth in Dubai," said Saeed  Mohammed Al Tayer, Managing Director and CEO.

"DEWA is determined to win recognition as one of the best operated utilities worldwide."

By 2030, DEWA's installed capacity for power will breach 20GW and 735 MIGD for water, of which '5.3GW will be from renewable sources'. "We will monitor and maintain the world leading benchmarks that we have already established in regard to efficiency of generation, transmission and distribution and delivering outstanding customer service," said Al Tayer.

By end June 2024, DEWA’s installed power generation capacity was 16.77GW, including 2.86GW through renewable energy capacity. The installed desalinated water production capacity was unchanged at 495 MIGD.