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.

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

• EBITDA for the period was AED 11.75 billion, up from AED 11.22 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.

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

• Cash and cash equivalents at period end were AED 7.42 billion.

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.