Dubai Electricity and Water Authority (DEWA) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of AED 30.98 billion and EBITDA of AED 15.70 billion for 2024, both the highest in company history.

• Net profit after tax reached AED 7.24 billion for the year, with Q4 net profit at AED 1.76 billion.

• Annual power generation hit 59.19 TWh, with clean power generation at 6.62 TWh, representing 11.2% of total output.

• Customer accounts grew to 1,270,285, a 4.85% increase year-over-year.

Financial highlights

• Full-year revenue increased by 6.18% year-over-year; EBITDA rose by 6.25% year-over-year.

• Q4 revenue was AED 7.45 billion (+6.13% YoY); Q4 EBITDA was AED 3.95 billion (+11.11% YoY).

• Annual profit before tax increased by 1.81% to AED 7.98 billion.

Outlook and guidance

• Installed generation capacity expected to reach 20 GW by 2030, with 27% from clean energy sources.

• Desalinated water capacity to reach 735 MIGD by 2030, with 240 MIGD added using seawater reverse osmosis.

• Committed to sustainability and digital transformation to maintain operational excellence.