Dubai Electricity and Water Authority (Dewa) announced its highest-ever first-half revenue of Dh14.86 billion, a 1.8 per cent increase year-on-year, as demand for electricity, water and cooling services continued to drive its operational performance.
Its net profit increased by 15.02 per cent to Dh3.33 billion, while EBITDA grew 5.27 per cent to Dh7.32 billion. Meanwhile, operating profit in this period increased by 9.08 per cent to Dh4.07 billion, the authority reported.
As of June 30, Dewa’s system installed generation capacity reached 17,979 megawatt (MW), 3,860MW of which came from clean energy sources, representing 21.5 per cent of the energy mix. The Jebel Ali and Al Aweer plants contributed the most, at a capacity of 11,519MW.
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By the end of 2030, Dewa said it plans to have a total installed power generation capacity exceeding 23 gigawatt (GW) and desalinated water production capacity of 735 Million Imperial Gallons per Day (MIGD). Of the planned 23 GW, around 8.3GW will come from renewable sources, representing 36.1 per cent and of the planned 735 MIGD of water production capacity, 308 MIGD will use seawater reverse osmosis technology powered by renewable energy.
Second-quarter growth
Dewa’s second-quarter growth saw the generation of 15.78 TWh of electricity, where clean power reached 3.14 TWh, contributing 19.9 per cent to total power generation.
Also during the second quarter, desalinated water production reached 40.25 billion imperial gallons (BIG). Dewa increased its customer base by an 18,220 customer accounts during the quarter. Over the past year, the authority’s customer base increased by 72,718, a 5.63 per cent year-on-year growth.
In addition, Dewa commissioned Block A of the Hassyan Sea Water Reverse Osmosis (SWRO) plant, adding 60 MIGD to its water production capacity. Dewa’s SWRO capacity now represents 23 per cent of its total desalination capacity. During the remainder of this year, Dewa said it expects to add an additional 120 MIGD of SWRO capacity.
Dividends
As per Dewa’s dividend policy, the company expects to pay a minimum annual dividend Dh6.2 billion during the first five years starting October 2022, with the dividends paid semi-annually in April and October.
Dewa chief Saeed Mohammed Al Tayer said that the company expects to distribute a further Dh3.1 billion by October of this year, subject to the necessary approvals.
Source: Khaleej Times