Dubai Electrical energy and H2O Authority PJSC (ISIN: AED001801011) (Image: DEWA), the Emirate of Dubai’s unique electrical energy and H2O services and products supplier, which is indexed at the Dubai Monetary Marketplace (DFM), as of late reported its first quarter 2024 consolidated monetary effects, recording quarterly earnings of AED 5.8 billion, EBITDA of AED 2.6 billion, working benefit of AED 995 million and internet benefit of AED 651 million.
Quote “We are committed to excellence and sustainable growth, inspired by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE. The high demand growth of 6.4% in electricity and 5.9% in water have contributed to exceptional operating results in this quarter as reflected in 9% increase in EBITDA (the highest first quarterly EBITDA in DEWA’s history) and 11.6% increase in operating profit of the group. We will continue to focus on our core strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimising returns for all our stakeholders,” stated HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.
“DEWA is an international position type within the energy, H2O and district cooling sector, offering services and products to the perfect requirements of reliability, potency, and property. We aid the Dubai Financial Time table (D33), which targets to double Dubai’s financial system over the after decade. Our methods, projects and capital constancy are aligned to attaining the determined power transition targets defined within the Dubai Blank Power Technique 2050 and the Dubai Web 0 Carbon Emissions Technique 2050, which try to handover 100% of the desired power from blank power assets via 2050,” added Al Tayer.
DEWA’s technique delivers file monetary efficiency DEWA’s quarterly consolidated earnings larger via 6.7% to AED 5.8 billion in 2024, and this used to be basically pushed via an build up in call for for electrical energy, H2O and cooling services and products. DEWA’s EBITDA used to be up via 9.0% to AED 2.6 billion, and its working benefit used to be up via 11.6% to AED 995 million. DEWA’s internet money from operations used to be up via AED 692 million to AED 3.3 billion, which is a 26.9% build up over the similar length closing 12 months, demonstrating the corporate’s robust year- on -year money tide era capacity.
Quarterly Running Efficiency Abstract:
Within the first quarter of 2024, DEWA’s rude energy era soared to a prime of 10.3 TWh marking a 6.2% build up from the 9.7 TWh recorded right through the primary quarter of 2023. Particularly, DEWA generated 1.46 TWh of fresh energy right through the quarter, which is a 19.8% build up over the similar length of closing 12 months. This blank energy accounted for 14% of the overall energy generated in Q1, 2024. DEWA is dedicated to the use of blank power to uphold a sustainable era combine to satisfy the persistently rising call for.
DEWA skilled a distinguished 7.24% build up in its quarterly top call for in comparison to Q1, 2023, attaining 6.1 GW in Q1, 2024. The quarterly rude warmth charge of 8,822 BTU/kWh accomplished, represents a 5.26 % development over the similar length within the earlier 12 months. This highlights the corporate’s confident loyalty to operational excellence.
DEWA’s overall desalinated H2O manufacturing within the first quarter of 2024 grew via 5.36% in comparison to the former 12 months, attaining a file of 34 Billion Imperial Gallons (BIG). The height day-to-day desalinated H2O call for reached 401 Million Imperial Gallons (MIG) which is a 5.04% build up over earlier 12 months.
On the finish of first quarter of 2024, DEWA had 1,224,560 buyer accounts in comparison to 1,169,713 buyer accounts a 12 months in the past, representing a 4.7% build up.
Make a selection quarterly highlightsOngoing tasks are progressing satisfactorily. Within the first quarter of 2024, DEWA commissioned 3 132 kV substations and 200 81 11kV substations. Monetary alike for two untouched IPP/IWP tasks, particularly the 180 MIGD Hassyan H2O Corporate and 1800 MW Shuaa 4 Sun PV plant used to be accomplished right through the quarter. On the finish of the primary quarter of 2024, the corporate’s put in era capability reached 16.27 GW with 2.63 GW of this capability representing renewable power. The corporate’s put in desalinated H2O manufacturing capability is unchanged at 495 MIGD.
By way of the tip of 2030, DEWA plans to have put in energy capability of roughly 20 GW and 735 MIGD of desalinated H2O. Of this 20 GW, round 5.3 GW will probably be from renewable assets, representing 27%. In the similar length, the corporate plans so as to add 240 MIGD of desalination capability the use of opposite osmosis generation.
Refer to desk presentations exit on untouched H2O reservoirs which can be below building.
orporate Movements: Dividends & Dividend coverage As consistent with DEWA’s dividend coverage, the Corporate expects to pay a minimal annual dividend of AED 6.2 billion within the first 5 years origination October 2022. The dividends are paid semi-annually in April and October. On 26 October 2023, DEWA dispensed AED 3.1 billion as dividend for H1, 2023 to its shareholders, according to a file life of 18 October 2023. For H2, 2023, DEWA dispensed AED 3.1 billion to its shareholders on April twenty sixth, 2024 according to a file life of April fifteenth, 2024. The corporate expects to assemble its after dividend fee to shareholders for H1, 2024 in October, 2024.
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