Dubai Electricity and Water Authority (DEWA) reported its strongest-ever first-quarter financial performance, with revenue rising to AED 5.96 billion ($1.62 billion) and net cash from operations surging 17.9% year-on-year to AED 3.85 billion, driven by growing demand for electricity and water in the emirate.
The utility, listed on the Dubai Financial Market under the symbol DEWA, also posted a quarterly EBITDA of AED 2.43 billion and a net profit of AED 496 million.
Operating profit stood at AED 838 million for the period ending March 31, 2025.
“This was DEWA’s best-ever first quarter,” said Saeed Mohammed Al Tayer, Vice Chairman and CEO, citing strong operational and financial results amid continued infrastructure investments and rising customer demand. “We remain on track to exceed our previous performance and deliver long-term shareholder value.”
Power generation reached a record 10.50 terawatt hours (TWh) in the quarter, a 2.8% increase from the same period in 2024. Clean energy contributed 1.86 TWh, accounting for 17.7% of total output.
DEWA aims to boost clean energy’s share of the energy mix to 34% by 2030, revising up its previous target of 25%.
Water desalination volumes also hit a quarterly high of 35.61 billion imperial gallons (BIG), up 4.6% year-on-year.
The company added 11,614 new customer accounts during the period, bringing its total customer base to more than 1.59 million.
Installed generation capacity at the end of Q1 reached 17,579 megawatts (MW), with 3,460 MW – or 20% – coming from clean energy sources, including solar and waste-to-energy assets.
DEWA also operates 495 million imperial gallons per day (MIGD) of desalination capacity, primarily based on multi-stage flash and reverse osmosis technologies.
Looking ahead, the company plans to expand desalination capacity by 240 MIGD by 2030, targeting a total of 735 MIGD, as part of its energy transition roadmap.
DEWA invested AED 2.26 billion during the quarter, largely allocated to energy transition initiatives. Infrastructure expansion included commissioning two new 132kV substations and 441 distribution-level substations.
The company reaffirmed its commitment to its dividend policy, with a minimum annual payout of AED 6.2 billion over five years from its October 2022 IPO.
A second-half 2024 dividend of AED 3.1 billion was distributed in April 2025, with a similar payout for the first half of 2025 scheduled for October, subject to approvals.
At its annual general assembly held on March 21, DEWA shareholders elected a new board of directors for a three-year term.
Al Tayer said DEWA’s long-term strategy is aligned with Dubai’s Net Zero 2050 initiative and supported by the leadership of the UAE. “We continue to invest in sustainable, innovative infrastructure to meet future demand and support Dubai’s rapid economic growth,” he noted.
DEWA’s full audited financials are available on its investor relations page https://www.dewa.gov.ae/en/investor-relations and on the Dubai Financial Market website https://www.dfm.ae/en/issuers/listed-securities/securities/company-profile-page?id=DEWA.
