Dewa Achieves Historic Financial Milestone with Record .5 Billion Net Profit
In a remarkable demonstration of resilience and growth, the Dubai Electricity and Water Authority (Dewa) has reported unprecedented financial results for the first nine months of 2024. The authority achieved a cumulative revenue of AED 23.5 billion (approximately .4 billion), marking a 6.2% increase compared to the previous period. This growth trajectory was further highlighted by a significant leap in earnings before interest, taxes, depreciation, and amortization (EBITDA) to AED 11.8 billion, alongside a net profit after tax that soared to AED 5.5 billion (.5 billion).
Dewa’s success can be attributed to several strategic initiatives that align with the broader vision set forth by Dubai’s leadership. Saeed Mohammed Al Tayer, the Managing Director and Chief Executive Officer of Dewa, emphasized the organization’s commitment to operational excellence and sustainable growth. He remarked, “Our financial results reflect the ongoing growth in Dubai and our unwavering dedication to innovation and sustainability. Dewa is not just contributing to the city’s economic landscape; we are playing a pivotal role in realizing Dubai’s vision for a sustainable future, in line with the Dubai Clean Energy Strategy 2050 and the Net Zero Carbon Emissions Strategy 2050.”
Q3 Performance Highlights
The third quarter of 2024 has proven particularly robust for Dewa, with consolidated revenues rising by 4.75% to AED 9.9 billion. This surge underscores the continuous demand for essential services such as electricity, water, and cooling, which remains strong amid Dubai’s rapid urban development. The EBITDA for this quarter reached AED 5.1 billion, demonstrating effective cost management and operational efficiency. Additionally, the authority reported an impressive 34.2% increase in cash from operations, which rose to AED 5.9 billion, signaling healthy liquidity and operational vitality.
The sustained revenue growth indicates not merely an expansion of Dewa’s services but also reflects a broader trend of economic resilience in Dubai. Despite global economic uncertainties, the authority’s performance illustrates a robust demand for energy and utility services, key components in supporting Dubai’s ever-expanding infrastructure and residential needs.
A Vision for Sustainability
Amidst this impressive financial backdrop, Dewa is fully committed to aligning its operations with the green agenda that has become increasingly prevalent in the region. The authority’s strategic focus on sustainability is designed not only to enhance shareholder value but also to contribute to a greener economy. The initiatives fall in line with Dubai’s Clean Energy Strategy 2050, a roadmap aimed at transforming the Emirate into a global hub for clean energy and sustainability.
Dewa has embarked on multiple projects and investments in renewable energy sources, aiming to substantially increase the share of clean energy in its overall generation portfolio. This not only positions Dewa as a leader in sustainable utility provision in the region but also supports the UAE’s broader goals of reducing carbon emissions and fostering environmentally friendly technologies.
Conclusion
The latest financial results from Dewa signify more than just robust numbers; they represent a concerted effort by the authority to remain at the forefront of both innovation and sustainability within the utility sector. By focusing on operational efficiency and aligning its goals with Dubai’s sustainability ambitions, Dewa not only secures its role as a vital economic player but also affirms its commitment to contributing positively towards a sustainable future for the Emirate.
As Dubai continues to evolve, the role of Dewa will be crucial in ensuring that the city meets its energy and water demands while embedding sustainability into its operational ethos. The results from the third quarter serve as a promising indicator of growth and the potential for further advancement in both financial performance and environmental responsibility.
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