Dubai Electricity and Water Authority (DEWA) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached AED 5,964 million, up 2.8% year-over-year, with gross profit at AED 1,557 million, down from AED 1,763 million.

• Net profit after tax and regulatory deferral was AED 496 million, a 24% decrease from AED 651 million in Q1 2024.

• Total comprehensive loss for the period was AED 11 million, compared to a profit of AED 1,080 million last year, mainly due to significant negative movements in hedging reserves.

Financial highlights

• EBITDA for Q1 2025 was AED 2,432 million, down from AED 2,566 million in Q1 2024.

• Earnings per share stood at AED 0.010, compared to AED 0.013 in Q1 2024.

• Operating cash flow increased to AED 3,852 million from AED 3,268 million year-over-year.

• Total assets as of 31 March 2025 were AED 186.4 billion, up from AED 184.8 billion at year-end 2024.

• Dividend of AED 3,100 million declared and paid in April 2025.

Outlook and guidance

• Results for Q1 are not necessarily indicative of full-year performance due to seasonality, with higher revenues and profits expected in the second half.

• Management continues to monitor liquidity and capital commitments, with undrawn facilities of AED 4,746 million as of 31 March 2025.