UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 4Q24 - First Look Note
DEWA’s customer base grew 4.8% YOY to 1.27 Mn in 4Q24. Gross power generation rose 5.22% YOY to 14.05 terawatt hours (TWh) in 4Q24. DEWA produced 59.19 TWh of electricity in 2024, with a 5.42% increase from 2023.
UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 3Q24 - First Look Note
DEWA’s customer base grew 4.2% YOY to 1.25 Mn in 3Q24. Gross power generation rose 3.9% YOY to 19.6 Tera Watt hours (TWh) in 3Q24. Out of which, 1.8 TWh is generated from green energy. Total desalination water production rose 4.6% YOY to 40.5 Bn imperial gallons in 3Q24.
Strong demand for water, electricity, and cooling services drove top-line
Dubai Electricity and Water Authority PJSC (DEWA/the company) net profit declined 13.0% YOY to AED 647 Mn in 1Q24, lower than our estimate of AED 882 Mn.
Rise in other income coupled with lower net finance cost and impairments drove profitability
Dubai Electricity and Water Authority PJSC (DEWA/the company) net profit rose 8.3% YOY to USD 1,610 Mn in 4Q23, in line with our estimate of USD 1,613 Mn.
UAE Equity Research - Dubai Electricity & Water Authority (DEWA) - Initiation Coverage
We initiate coverage on Dubai Electricity & Water Authority (“DEWA” or “the Company”) with a target price of AED 2.96 per share. DEWA is the sole and exclusive provider of power and water to the Emirate of Dubai with total investments in assets of AED 200 Bn (~ USD 54 Bn) and installed capacity of 15.1 GW of electricity and 490 MIGD of water as of 9M23.
