Dubai Electricity and Water Authority PJSC, a publicly listed company and Dubai’s exclusive electricity and water services provider reported a net profit of Dh651 million for the first quarter of 2024.
The company also reported EBITDA of Dh2.6 billion, operating profit of Dh995 million and revenue of Dh5.8 billion for Q1 of 2024, according to a filing with the Dubai Financial Market (DFM), where its shares are traded.
The growth was driven by the 6.4% and 5.9% rise in electricity and water demand. These have contributed to a 9% increase in EBITDA (the highest first quarterly EBITDA in DEWA’s history) and an 11.6% increase in operating profit, according to the filing.
“DEWA is a global role model in the power, water and district cooling sector, providing services to the highest standards of reliability, efficiency, and quality,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.
“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 has been working towards driving the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aim to provide 100% of the required energy from clean energy sources by 2050.
DEWA is set 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. For H2, 2023, DEWA distributed Dh3.1 billion to its shareholders.
At the end of the first quarter of 2024, DEWA had 1,224,560 customer accounts compared to 1,169,713 customer accounts a year ago, representing a 4.7% increase.