DEWA announces Q1-24 financial results; revenues hit AED 5.8bn

DEWA announces Q1-24 financial results; revenues hit AED 5.8bn

Dubai – Mubasher: The net profits attributable to the owners of Dubai Electricity and Water Authority (DEWA) fell to AED 647.42 million in the first quarter (Q1) of 2024 from AED 742.76 million a year earlier. DEWA’s quarterly consolidated revenue increased by 6.70% to AED 5.80 billion in Q1-24 from AED 5.43 billion in Q1-23, according to the interim income statements. The higher revenues were mainly driven by an increase in demand for electricity, water, and cooling services. Basic and diluted earnings per share (EPS) went down year-on-year (YoY) to AED 0.013 in January-March 2024 from AED 0.015. Total assets amounted to AED 182.45 billion as of 31 March 2024, versus AED 181.17 billion at the end of December 2023. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) climbed by 9%YoY to AED 2.60 billion in Q1-24, while the operating profit surged by 11.60% YoY to AED 995 million. Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, commented: “The high demand growth of 6.4% in electricity and 5.90% 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