DEWA reports highest top line results in history with a record first 9-month revenue of AED 23.5 billion and EBITDA of AED 11.8 billion

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), today reported its first 9 month consolidated financial results for 2024, recording cumulative revenue of AED 23.5 billion, EBITDA of AED 11.8 billion, and net profit after tax of AED 5.5 billion. 

“We are committed to excellence and sustainable growth, guided by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE. DEWA’s 6.2% revenue growth to AED 23.5 billion and 4.7% increase in EBITDA to AED 11.8 billion for the first 9 months of 2024, reflect continued growth in the Emirate of Dubai and our 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. DEWA will continue to deliver strong shareholder value through efficient operations, consistent dividends and support Dubai’s transition to a green economy,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.

DEWA’s third quarterly consolidated revenue increased by 4.75% to AED 9.9 billion in 2024. DEWA’s EBITDA for the third quarter was AED 5.1 billion, and Cash from Operations was up by 34.20% to AED 5.9 billion. DEWA’s first 9-month consolidated revenue increased by 6.20% to a record AED 23.5 billion in 2024, and this was mainly driven by an increase in demand for electricity, water and cooling services. DEWA’s consolidated first 9-month EBITDA was up by 4.71% to AED 11.8 billion.