According to Dubai Electricity and Water Authority (Dewa), revenues for the first quarter of 2024 were Dh5.8 billion, an increase of 6.7% over the same period the previous year.
The utility services provider’s Q1 2024 net profit was Dh651 million, compared to Dh763 million in Q1 of the previous year. Operating profits from January to March 2024 increased by 11.6% to Dh995 million.
“This quarter’s exceptional operating results, as evidenced by the group’s 11.6% operating profit increase and 9% increase in EBITDA, were largely due to the high demand growth of 6.4% for electricity and 5.9% for water. The managing director and CEO of Dewa, Saeed Mohammed Al Tayer, stated, “We will continue to focus on our core strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence, and optimizing returns for all our stakeholders.”
The ambitious energy transition goals set forth in the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aim to provide 100% of the required energy from clean energy sources by 2050, are aligned with our strategies, initiatives, and capital commitments, according to Al Tayer.
Dewa’s net cash from operations increased by Dh692 million to Dh3.3 billion, a 26.9% increase over the same period last year, and its EBITDA increased by 9.0% to Dh2.6 billion.
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