Dubai Electricity and Water Authority (Dewa), the sole provider of electricity and water services in the emirate and listed on the Dubai Financial Market, announced on Thursday a revenue of Dh13.7 billion, Ebitda of Dh6.6 billion, operating profit of Dh3.3 billion, and profit after tax of Dh2.6 billion for the first half of 2024. Dewa's consolidated revenue for the first half rose by 7.3 percent to a record Dh13.7 billion in 2024, up from the first half of 2023, primarily driven by heightened demand for electricity, water, and cooling services. The consolidated net profit for the first half decreased by 6.7 percent to Dh2.6 billion, mainly due to increased depreciation and the initial application of corporate tax in 2024. Dewa's second-quarter consolidated revenue grew by 7.8 percent to Dh7.9 billion in 2024. Ebitda for the second quarter increased by 8.8 percent to Dh4.0 billion, and profit before tax rose by 5.9 percent to Dh2.1 billion.
Gross power generation in the first half of 2024 reached 25.5 TWh, marking a 6.7 percent increase from 23.9 TWh generated in the same period in 2023. Green energy accounted for 3.3 TWh, representing 12.9 percent of total generation in 2024. As of June 30, 2024, there were 1,236,845 electricity and water customer accounts, an increase of 52,134 (4.4 percent) from June 30, 2023. Dewa's total desalinated water production for the first half of 2024 was 71.3 billion Imperial Gallons, a 4.3 percent increase compared to the same period in 2023. By the end of the first half of 2024, the company's installed generation capacity stood at 16.779 GW, including 2.86 GW of renewable energy capacity. The company's installed desalinated water production capacity remained unchanged at 495 MIGD.
