Dubai Electricity and Water Authority PJSC (DEWA) reported record revenue of Dh30.98 billion in 2024, supported by unprecedented core earnings (EBITDA) of Dh15.70 billion. The company saw a 6.2% increase in both revenue and EBITDA compared to 2023, while its net profit after tax reached Dh7.24 billion.
For the fourth quarter of 2024, DEWA recorded Dh7.45 billion in revenue, Dh3.95 billion in EBITDA, and Dh1.76 billion in net profit.
DEWA: Focus on Sustainability and Growth
Saeed Mohammed Al Tayer, managing director and chief executive officer of DEWA, highlighted the company’s commitment to sustainability. He emphasized that strong financial results reflect DEWA’s dedication to clean energy initiatives. Currently, 17.8% of the company’s installed generation capacity comes from renewable sources.
In 2024, DEWA generated 6.62 terawatt-hours of clean power, marking a 7.47% increase from the previous year. Clean power contributed 11.2% of the total electricity production.
Increasing Energy Demand
DEWA’s annual peak demand rose by 3.4%, reaching 10.76 gigawatts in 2024. To meet growing energy needs, the company continues to expand its clean energy capacity and improve efficiency.
The customer base also grew significantly, with 58,810 new accounts added during the year. By the end of 2024, DEWA had 1,270,285 active customer accounts, reflecting a 4.85% increase over 2023.
Dividend Policy and Payouts
DEWA’s dividend policy guarantees a minimum annual payout of Dh6.2 billion for the first five years, starting from October 2022. The company distributes dividends semi-annually in April and October.
On October 31, 2024, DEWA paid Dh3.1 billion in dividends for the first half of the year. Shareholders recorded as of October 18, 2024, received this payout. The next dividend of Dh3.1 billion for the second half of 2024 is scheduled for April 2025, pending shareholder approval at the annual general assembly.
