(MENAFN- Khaleej Times) Published: Fri 10 May 2024, 3:33 PM
Dubai Electricity and Water Authority (Dewa) has reported Dh5.8 billion in revenues in the first quarter of 2024 - up by 6.7 per cent from the same quarter last year.
The utility services provider reported Dh651 million net profit for Q1 2024, down from Dh763 million in Q1 last year. While operating profits jumped 11.6 per cent to Dh995 million during the January-March 2024 period.
“The high demand growth of 6.4 per cent in electricity and 5.9 per cent in water have contributed to exceptional operating results in this quarter as reflected in 9 per cent increase in EBITDA and 11.6 per cent 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,” said Saeed Mohammed Al Tayer, managing director and CEO of Dewa.
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“Our strategies, initiatives and capital commitments are aligned to achieving the ambitious energy transition goals outlined in the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aim to provide 100 per cent of the required energy from clean energy sources by 2050," added Al Tayer.
Dewa's EBITDA was up by 9.0 per cent to Dh2.6 billion and net cash from operations was up by Dh692 million to Dh3.3 billion, which is a 26.9 per cent increase over the same period last year.
In the first quarter of 2024, the company's gross power generation soared to a high of 10.3 TWh, marking a 6.2 per cent increase from the 9.7 TWh recorded during the first quarter of 2023. It generated 1.46 TWh of clean power during the quarter, which is a 19.8 per cent increase over the same period of last year. This clean power accounted for 14 per cent of the total power generated in Q1, 2024.
The Dubai-based utility services provider recorded a 7.24 per cent increase in its quarterly peak demand compared to Q1, 2023, reaching 6.1 GW in Q1, 2024. The quarterly gross heat rate of 8,822 BTU/kWh achieved, represents a 5.26 per cent improvement over the same period in the previous year.
Dewa's total desalinated water production in the first quarter of 2024 grew by 5.36 per cent compared to the previous year, reaching a record of 34 billion imperial gallons. The peak daily desalinated water demand reached 401 million imperial gallons, which is a 5.04 per cent increase over the previous year.
At the end of the first quarter of 2024, Dewa had 1,224,560 customer accounts compared to 1,169,713 customer accounts a year ago, representing a 4.7 per cent increase.
In the first quarter, it commissioned three 132 kV substations and two 181 11kV substations.
By the end of 2030, Dewa plans to have an installed power capacity of approximately 20 GW and 735 MIGD of desalinated water. Of this 20 GW, around 5.3 GW will be from renewable sources, representing 27 per cent. In the same period, the company plans to add 240 MIGD of desalination capacity using reverse osmosis technology.
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