Dubai utility firm DEWA (Dubai Electricity and Water Authority) has announced a net profit before tax of Dh2.8 billion for the first half of 2024, marking a 2.6% increase. This impressive profit was generated from Dh13.7 billion in revenue, which saw a 7.3% rise. In the April to June period alone, DEWA’s revenue reached Dh7.86 billion.
These figures represent the highest top-line results for both quarterly and half-year periods in DEWA’s history. Despite these robust revenue numbers, the consolidated first-half net profit saw a decline of 6.7%, coming in at Dh2.6 billion. The decrease was primarily attributed to higher depreciation costs and the implementation of corporate tax for the first time in 2024.
DEWA’s strong performance in the first half of 2024 underscores the company’s continued growth and operational efficiency. The increase in revenue reflects the expanding demand for electricity and water services in Dubai, driven by population growth and economic development.
In line with its financial performance, DEWA has confirmed a dividend of Dh3.1 billion for the first half of 2024. This dividend payout highlights the company’s commitment to delivering value to its shareholders while maintaining a strong financial position.
The implementation of corporate tax, a significant change for DEWA, reflects broader economic reforms in the UAE aimed at diversifying government revenue sources. Despite the initial impact on net profit, DEWA’s ability to achieve record revenue demonstrates its resilience and adaptability in a changing economic environment.
As DEWA continues to invest in infrastructure and technology, the company remains focused on sustainable growth and enhancing its service delivery. The firm’s strategic initiatives, including expanding renewable energy projects and improving water conservation efforts, are aligned with Dubai’s long-term vision for sustainability and innovation.
With these record-breaking results, DEWA is well-positioned to continue its trajectory of growth, contributing to Dubai’s development and providing reliable utility services to the emirate’s residents and businesses. The confirmed dividend also reinforces investor confidence, showcasing DEWA’s robust financial health and future potential.
