Dubai Electricity and Water Authority PJSC announces phenomenal first quarter results

Dubai Electricity and Water Authority PJSC announces phenomenal first quarter results

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), today reported its first quarter 2024 consolidated financial results, recording quarterly revenue of AED 5.8 billion, EBITDA of AED 2.6 billion, operating profit of AED 995 million and net profit of AED 651 million.

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“We are committed to excellence and sustainable growth, inspired by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE. The high demand growth of 6.4% in electricity and 5.9% in water have contributed to exceptional operating results in this quarter as reflected in 9% increase in EBITDA (the highest first quarterly EBITDA in DEWA’s history) and 11.6% increase in operating profit of the group. We will continue to focus on