Dubai – Mubasher: Dubai Electricity and Water Authority (DEWA) achieved net profits after tax valued at AED 2.55 billion in the first half (H1) of 2024, marking an annual drop from AED 2.73 billion.
Meanwhile, the revenues grew by 7.30% year-on-year (YoY) to AED 13.66 billion in H1-24 from AED 12.72 billion, according to the financial results.
Basic and diluted earnings per share (EPS) stood at AED 0.050 as of 30 June 2024, lower than AED 0.053 in H1-23.
Total assets amounted to AED 182.55 billion in H1-24, compared to AED 181.17 billion as of 31 December 2023.
Income Results for Q2
In the second quarter (Q2) of 2024, the profits dropped to AED 1.90 billion from AED 1.97 billion in Q2-23, while the revenues climbed to AED 7.86 billion from AED 7.29 billion.
The basic and diluted EPS reached AED 0.037 in Q2-24, compared to AED 0.039 a year earlier.
Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, commented: “The demand for power and water in 2024 grew by 6.70% and 4.30% respectively reflecting continuous growth in Dubai. In line with our strategic objectives and commitment to the vision of the wise leadership to position Dubai amongst the best cities in the world, DEWA is determined to win recognition as one of the best-operated utilities worldwide.
“By 2030 our installed capacity for power will reach 20 GW and 735 MIGD for water. 5.3 GW will be from renewable sources, representing 27%,” Al Tayer continued.
As of 31 March 2024, the net profits attributable to the owners of DEWA hit AED 647.42 million, down from AED 742.76 million in Q1-23.
