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Dubai: Dubai Electricity and Water Authority (DEWA), listed on the Dubai Financial Market (DFM), reported its first quarter 2024 consolidated financial results, recording quarterly revenue of Dh5.8 billion, EBITDA of Dh2.6 billion, operating profit of Dh995 million and net profit of Dh651 million.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: "The high demand growth of 6.4 per cent in electricity and 5.9 per cent in water have contributed to exceptional operating results in this quarter, as reflected in a 9 per cent increase in EBITDA (the highest first quarterly EBITDA in DEWA's history) and 11.6 per cent increase in the group's operating profit."

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Al Tayer added: "We will continue to focus on our core strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimising returns for all our stakeholders."

DEWA's quarterly consolidated revenue increased by 6.7 per cent to Dh5.8 billion in 2024, mainly due to an increase in demand for electricity, water, and cooling services. DEWA's EBITDA was up by 9.0 per cent to Dh2.6 billion, and its operating profit was up by 11.6 per cent to Dh995 million.

DEWA's net cash from operations increased by Dh692 million to Dh3.3 billion, a 26.9 per cent increase over Q1-2023.

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 26, 2023, DEWA distributed Dh3.1 billion as a dividend for H1- 2023 to its shareholders, based on a record date of October 18, 2023. For H2- 2023, DEWA distributed Dh3.1 billion to its shareholders on April 26, 2024, based on a record date of April 15, 2024.

The company expects to pay its next dividend to shareholders for H1-2024 in October 2024.