Dubai Electricity and Water Authority (DEWA) reported impressive financial results for the first half of 2024, highlighting a net profit before tax of 2.8 billion Dhs, which is a 2.6% increase from the previous year. The company’s revenue surged by 7.3% to 13.7 billion Dhs, marking the highest quarterly and half-year results in its history, with 7.86 billion Dhs earned during the April to June period.
Saeed Mohammed Al Tayer, Managing Director and CEO, attributed this performance to “the demand for power and water in 2024 grew by 6.7% and 4.3%, respectively, reflecting continuous growth in Dubai.”
In response to its strong financial performance, DEWA has approved a dividend payment of 3.1 billion Dhs, scheduled for distribution in October 2024. According to its dividend policy, DEWA aims to pay a minimum annual dividend of 6.2 billion Dhs over the first five years, beginning in October 2022, with payments made in April and October.
Looking ahead, DEWA has set ambitious targets to expand its power generation capacity to 20GW by 2030, with 5.3GW expected to come from renewable sources, representing 27% of the total capacity. Al Tayer emphasized that DEWA will continue to adhere to world-leading benchmarks in efficiency for generation, transmission, and distribution, while also delivering exceptional customer service.
As of June 2024, DEWA’s installed power generation capacity stood at 16.77GW, including 2.86GW from renewable energy. The company’s installed desalinated water production capacity remained at 495 million imperial gallons per day (MIGD).
