Dubai Electricity and Water Authority (DEWA) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 increased to AED 13.66 billion, up 7.3% year-over-year from AED 12.73 billion.

• Net profit after tax for the period was AED 2.56 billion, compared to AED 2.74 billion in the prior year, reflecting the impact of the newly introduced 9% corporate tax.

• EBITDA for the period reached AED 6.60 billion, up from AED 6.07 billion year-over-year.

• The Board approved an interim cash dividend of AED 3.1 billion.

Financial highlights

• Gross profit rose to AED 4.67 billion from AED 4.35 billion year-over-year.

• Earnings per share for the six months was AED 0.050, down from AED 0.053 year-over-year.

• Operating cash flows were AED 5.68 billion, with net cash from operating activities at AED 5.68 billion.

• Total assets stood at AED 182.56 billion as of 30 June 2024, up from AED 181.18 billion at year-end 2023.

• Capital expenditure for the period was AED 5.40 billion.

Outlook and guidance

• Management notes seasonality, with higher revenues and profits expected in the second half of the year.

• Results for the first half are not necessarily indicative of full-year performance.