Record power, record water: Dewa's Q1 marks high-output, high-cash quarter

13/05/2025 02:40 AST

Dubai Electricity and Water Authority (Dewa) reported its strongest-ever first quarter performance, as demand for electricity and water continued to rise across the emirate.

For the three months ending March 31, 2025, Dewa posted a record revenue of Dh5.96 billion, up 2.83% from the same period last year. Net profit stood at Dh496 million, while net cash from operations reached a new high of Dh3.85 billion - a 17.86% year-on-year increase.

Operationally, Dewa's power generation also hit fresh quarterly records, including its highest-ever clean energy output for a Q1 period at 1.86 terawatt-hours (TWh) - contributing 17.7% of total electricity production, which totalled 10.50 TWh.

Desalinated water production reached 35.61 billion imperial gallons (BIG) in the quarter, another Q1 high, with customer growth also notable. The company added 11,614 new customer accounts during the quarter, bringing its total to over 1.6 million, up 3.7% year-on-year.

Steady topline growth
While the topline growth was steady, what stood out this quarter was the strength of Dewa's cash position, with cash and equivalents closing at Dh8.17 billion - more than Dh2 billion higher than at the end of 2024.

The utility invested Dh2.26 billion in infrastructure in Q1, with much of the capital directed toward its ongoing energy transition strategy. This includes the scaling up of renewables and clean energy capacity, which now accounts for 20% of Dewa's total installed power mix (3,460 MW out of 17,579 MW).

Looking ahead, Dewa expects to hit 22 gigawatts of installed capacity by 2030, of which 7.5 GW (34%) will come from clean energy - a more ambitious target than its earlier 25% goal.

"With consistent growth in demand for electricity, water and cooling services, our financials reflect strong operational efficiency and a healthy cash-generating business," said Saeed Mohammed Al Tayer, Vice Chairman and MD & CEO of Dewa.

"We remain focused on long-term value creation as we invest in infrastructure that supports Dubai's clean energy goals and its rapid development," he added.

Gulfnews