Dewa's 9-month revenue surges 6.2pc; net profit hits $1.5bn
DUBAI, November 12, 2024
Dubai Electricity and Water Authority (Dewa) has reported solid growth for the first nine months, recording cumulative revenue of AED23.5 billion ($6.4 billion), up 6.2% over last year.
Announcing its consolidated financial results for the nine-month period ended September 30, 2024, Dewa said its ebitda too witnessed growth with a 4.7% increase hitting AED11.8 billion ($3.2 billion), while its net profit after tax for the period stood at AED5.5 billion ($1.49 billion), thanks mainly to its operational excellence, innovation and sustainability.
On its Q3 results, Dewa said its consolidated revenue for the period increased by 4.75% to AED9.9 billion, while its ebitda stood at AED5.1 billion, and cash from operations was up by 34.20% to AED5.9 billion.
In the third quarter of 2024, Dewa’s power generation soared to a high of 19.6 TWh marking a 3.98% increase from the same period last year. Notably, 1.8 TWh out of 19.6 TWh was from green energy source. This clean power accounted for 9.18% of the total power generated in Q3, 2024.
On the solid growth, Saeed Mohammed Al Tayer, the MD and CEO of Dewa, said this reflects the continued growth in Dubai and Dewa's commitment to operational excellence, innovation, and sustainability.
"We are contributing to Dubai’s vision for a sustainable future in alignment with the Dubai Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050," he stated.
Dewa imported 3.25 TWh from Hassyan power plant, 0.32 TWh from Warsan Waste Management Company and generated the remaining 14.32 TWh from its gas fired portfolio during the third quarter of 2024.
Dewa experienced a noteworthy 3.41% increase in its quarterly peak demand compared to Q3, 2023, reaching 10.76 GW. The quarterly gross heat rate of 7,923 BTU/kWh is the best achieved so far in Dewa history. Collectively, these achievements highlight Dewa’s unwavering commitment to sustainability and operational excellence in the services that we provide.
Dewa’s total desalinated water production in the third quarter of 2024 grew by 4.64% compared to the previous year, reaching a record production of 40.5 billion Imperial Gallons (BIG). The daily desalinated water demand reached a record peak of 455 Million Imperial Gallons (MIG), which is a 4.92% increase over the same period of the previous year.
At the end of the third quarter of 2024, Dewa has 1,250,288 customer accounts, representing a 4.16% increase compared to the same period in the previous year.
During the Q3, Dewa commissioned two 132 kV substations, and 426 11kV substations. By the end of the third quarter of 2024, the company’s installed generation capacity was 16.779 GW with 2.86 GW (17%) of this capacity representing renewable energy.
The company’s installed desalinated water production capacity was unchanged at 495 MIGD.
By the end of 2030, Dewa plans to reach an installed capacity of 20 GW and 735 MIGD of desalinated water. Of this 20 GW, around 5.3 GW will be from clean sources, representing 26.5%.-TradeArabia News Service
