DEWA 9-month revenue powers up to Dh23.5b, profit at Dh5.5b

Dubai: DEWA's 9-month 2024 revenues have totaled Dh23.5 billion, powering the net profit after tax to Dh5.5 billion. The corresponding net profit in 2023 was Dh613 million.

On revenues and EBITDA - where DEWA tallied Dh11.8 billion - the company clocked year-on-year increases. "DEWA will continue to deliver strong shareholder value through efficient operations, consistent dividends and support Dubai’s transition to a green economy,” said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA.

There was a corporate tax-related expense of Dh572 million for these nine months compared to zero last year. UAE's listed companies' financials in recent quarters have been factoring in their tax load.

Operational gains

In terms of capacity expansion, DEWA is well on track as use of its services grow with the city expanding in terms of development and more consumers - individual and corporate - plugging in. During the third quarter of 2024, DEWA commissioned two 132kV substations, and 426 11kV substations. The company’s installed generation capacity by end September was 16.779GW with 2.86 GW (17%) of this capacity coming from renewable energy. The installed desalinated water production capacity was unchanged at 495 MIGD.