Dubai Electricity and Water Authority (DEWA) Q4 2024 earnings summary

Executive summary

• Revenue reached AED 30.98 billion, up 6.2% year-over-year, with operating profit at AED 9.32 billion, a 6.5% increase from 2023.

• Over 92% of revenue came from electricity, water, and cooling services, reflecting robust demand growth in Dubai.

• Peak electricity and water demand rose 3.4% and 4.9% respectively, while cooling services demand grew 7.4% year-over-year.

• Customer base expanded by nearly 59,000 accounts, exceeding 1.27 million at year-end.

• All operations were conducted safely and sustainably, with global recognition for energy infrastructure and operational benchmarks.

Financial highlights

• Net profit after tax and regulatory deferral: AED 7.23 billion (down from AED 7.93 billion in 2023).

• EBITDA for 2024: AED 15.73 billion, up from AED 14.78 billion in 2023.

• Gross profit: AED 11.81 billion, up from AED 11.25 billion year-over-year.

• Basic and diluted EPS: AED 0.140 (2023: AED 0.154).

• Total assets: AED 184.76 billion; total equity: AED 94.99 billion as of year-end.

Outlook and guidance

• Continued investment in renewable generation and desalination capacity, with 18% of installed generation now clean energy.

• Projects under construction, including 1800 MW solar PV and 180 MIGD reverse osmosis plants, are progressing on schedule.

• Commitment to Dubai's Net Zero 2050 ambition remains a strategic priority.