Dubai Electricity and Water Authority (DEWA) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 reached AED 23.53 billion, up from AED 22.16 billion year-over-year, marking a record 6.20% increase.

• EBITDA for the period was AED 11.75 billion, up from AED 11.22 billion year-over-year, also a record and up 4.71%.

• Net profit after tax and regulatory deferral account was AED 5.47 billion, compared to AED 6.13 billion in the prior year period.

• Third quarter revenue rose 4.75% to AED 9.9 billion, with EBITDA at AED 5.1 billion and cash from operations up 34.20% to AED 5.9 billion year-over-year.

• The interim financials received an unqualified review conclusion from the independent auditor.

Financial highlights

• Gross profit for the nine months was AED 9.02 billion, up from AED 8.85 billion year-over-year.

• Basic and diluted EPS for the period was AED 0.107, compared to AED 0.120 in the prior year.

• Operating cash flows were AED 11.60 billion, up from AED 9.85 billion year-over-year, and cash from operations rose 17.83%.

• Net cash used in investing activities was AED 4.93 billion; net cash used in financing activities was AED 5.32 billion.

• Installed generation capacity at 16.779 GW, with 2.86 GW (17%) from renewables.

Outlook and guidance

• Results for the nine months are not necessarily indicative of full-year performance due to seasonality, with higher revenues expected in the second half.

• The group maintains strong liquidity with positive operating cash flows, significant cash balances, and undrawn facilities.

• Plans to reach 20 GW installed capacity and 735 MIGD desalinated water by 2030, with 26.5% from clean sources.

• Committed to Dubai Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050.