DEWA sees record revenue, core earnings in 2024

Dubai: Dubai Electricity and Water Authority PJSC (DEWA) reported record revenue of Dh30.98 billion in 2024 on the back of "unprecedented" annual core earnings (EBITDA) of Dh15.70 billion.

DEWA saw its full year revenue and EBITDA rise about 6.2 per cent during the year, while also posting net profit after tax of Dh7.24 billion. For Q4, DEWA reported revenue of Dh7.45 billion, EBITDA of Dh3.95 billion and net profit after tax of Dh1.76 billion.

“For 2024, our record revenue of around Dh31 billion and EBITDA of Dh16 billion, are a result of enforcing sustainability and excellence in all our plans and activities. Today, approximately 17.8% of our installed generation capacity is clean, and we are determined to remain above the curve during DEWA’s energy transition journey," said Saeed Mohammed Al Tayer, MD & CEO of DEWA.

DEWA generated 6.62 TWh of clean power during the year, a 7.47% increase over the previous year. This clean power accounted for 11.2% of the total power generated in 2024.

Demand boost

"Today, approximately 17.8% of our installed generation capacity is clean, and we are determined to remain above the curve during DEWA’s energy transition journey," added Saeed Mohammed Al Tayer.

DEWA, which saw a 3.4% increase in its annual peak demand compared to 2023, reaching 10.76 GW in 2024, said it is committed to using clean energy to maintain a sustainable generation mix to meet the consistently growing demand.

At the end of 2024, DEWA had 1,270,285 customer accounts, adding 58,810 accounts during the year, an impressive 4.85% increase over previous year.

As per DEWA’s dividend policy, the Company expects to pay a minimum annual dividend of Dh6.2 billion in the first five years starting October 2022. The dividends are paid semi-annually in April and October.

On October 31, 2024, DEWA distributed Dh3.1 billion as dividend for H1, 2024 to its shareholders, based on a record date of 18 October 2024. The upcoming dividend of Dh3.1 billion for H2, 2024 is expected to be distributed in April 2025, subject to approval by DEWA’s shareholders at the annual general assembly.