Dubai Electricity and Water Authority (DEWA) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 increased to AED 13.7 billion, up 7.3% year-over-year, driven by higher demand for electricity, water, and cooling services.

• EBITDA for the period reached AED 6.6 billion, up 8.9% year-over-year.

• Net profit after tax for H1 2024 was AED 2.6 billion, down 6.7% year-over-year, mainly due to the introduction of a 9% corporate tax and higher depreciation.

• The Board approved an interim cash dividend of AED 3.1 billion for H1 2024.

Financial highlights

• Gross profit rose to AED 4.67 billion from AED 4.35 billion year-over-year.

• Earnings per share for the six months was AED 0.050, down from AED 0.053 year-over-year.

• Operating cash flows were AED 5.68 billion, with net cash from operating activities at AED 5.68 billion.

• Total assets stood at AED 182.56 billion as of 30 June 2024, up from AED 181.18 billion at year-end 2023.

• Capital expenditure for the period was AED 5.40 billion.

Outlook and guidance

• Management expects higher revenues and profits in the second half of the year due to seasonality.

• Plans to reach 20 GW installed power capacity and 735 MIGD water capacity by 2030, with 27% from renewables.

• Committed to supporting Dubai's 2050 Net-Zero emissions goal and maintaining efficiency benchmarks.

• Results for the first half are not necessarily indicative of full-year performance.