Dubai – Mubasher: The net profits attributable to the owners of Dubai Electricity and Water Authority (DEWA) dropped to AED 497.81 million in the first quarter (Q1) of 2025 from AED 647.42 million in Q1-24.
Basic and diluted earnings per share (EPS) declined to AED 0.010 in Q1-25 from AED 0.013 a year earlier, according to the financial results.
DEWA generated revenues amounting to AED 5.96 billion in the first three months (3M) of 2025, compared to AED 5.80 billion in Q1-24.
The company also generated a record net cash from operations of AED 3.85 billion as of 31 March 2025, resulting in closing cash and cash equivalents of AED 8.17 billion, which is AED 2.07 billion higher than the balance as at year-end 2024.
Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, said: “With consistent growth in demand for electricity, water and cooling services, our revenue grew by 2.83% to AED 5.96 billion in the quarter and more notably our net cash flow from operations grew to AED 3.85 billion, which is 17.86% higher than the amount in the same period of the previous year.”
“We invested AED 2.26 billion in infrastructure during the quarter, mainly related to our energy transition strategy,” Al Tayer added.
The CEO noted: “By 2030 we expect total installed generation capacity to reach 22 GW, out of which 7.5 GW, representing 34% of generation mix, will be sourced from clean energy sources, up from the original target of 25%.”
He mentioned: “Overall, we are confident of continuing to deliver results exceeding our historical performance, which will translate into long-term value creation for our shareholders.”
As of 31 December 2024, DEWA logged lower net profits after tax at AED 7.23 billion, compared to AED 7.93 billion in 2023.
