651 million dirhams net profits "Dewa" In the first quarter
Dubai, May 9 / WAM / Dubai Electricity and Water Authority (DEWA), the exclusive provider of electricity and water services in Dubai, listed on the Dubai Financial Market, today announced its consolidated financial results for the first quarter of 2024, recording quarterly revenues of 5.8 billion dirhams. While total profits before deductions amounted to 2.6 billion dirhams, operating profits amounted to 995 million dirhams, and net profits amounted to 651 million dirhams.
His Excellency Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority, said that the high growth in demand for electricity by 6.4% and for water by 5.9% contributed to achieving exceptional operational results in this quarter, which was reflected in the highest percentage of profits in the history of the Authority for the first quarter before calculating interest. And taxes, depreciation and amortization (before deductions) by 9% to 2.6 billion dirhams, and the group’s operating profits increased by 11.6%.” His Excellency added, “We will continue to focus on our primary strategic goal of achieving sustainable growth, remaining at the forefront of smart and innovative operational excellence and improving returns for all In the first quarter of 2024, DEWA’s consolidated quarterly revenues increased by 6.7% to 5.8 billion dirhams, and earnings before interest, taxes, depreciation and amortization (before deductions) increased by 9% to 2.6 billion dirhams, while The Authority’s operating profits increased by 11.6% to 995 million dirhams, and the Authority’s net operating cash flows increased by 692 million dirhams to reach 3.3 billion dirhams, an increase of 26.9% compared to the same period last year, which indicates the strong potential that the company has to increase cash flows. Year after year. The authority’s total energy production increased to 10.3 terawatt hours in the first quarter of 2024, compared to 9.7 terawatt hours in the first quarter of 2023, an increase of 6.2%. Dubai Electricity and Water Authority produced 1.46 terawatt hours of clean energy during the first quarter, an increase of 19.8% compared to the same period last year, and clean energy represented 14% of the total energy produced by the Authority during the first quarter of this year. The Authority is working to increase the proportion of clean energy within the energy mix to diversify energy sources and meet the growing demand. Peak energy demand witnessed a noticeable increase in the first quarter of 2024, reaching 6.1 gigawatts, an increase of 7.24% compared to the same period in 2023. The total heat rate (the amount of heat needed to produce a kilowatt-hour) in the first quarter of this year reached 8,822 thermal units. British pounds/kWh, which represents an improvement of 5.26% compared to the same period last year, which reflects the Authority’s firm commitment to operational excellence. During the first quarter of 2024, the total volume of desalinated water produced by the Authority reached 34 billion imperial gallons, an increase of 5.36% compared to the same period in 2023. The daily peak demand for desalinated water reached 401 million gallons, an increase of 5.04% compared to last year. The total number of the Authority’s accounts reached 1,224,560 accounts, compared to 1,169,713 accounts at the end of the first quarter of last year, an increase of 4.7%. DEWA expects to pay annual dividends of a minimum of 6.2 billion dirhams during the first five years, starting from October 2022, and dividends will be distributed semi-annually in the months of April and October. On October 26, 2023, Dubai Electricity and Water Authority distributed dividends worth 3.1 billion dirhams to its shareholders for the first half of 2023, to shareholders registered in the shareholder registry on October 18, 2023. On April 26, 2024, the Authority distributed dividends worth 3.1 billion dirhams for the second half. From the year 2023 to shareholders registered in the shareholder registry on April 15, 2024. The next batch of profits is expected to be distributed to shareholders for the first half of 2024 during next October.
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