DEWA Reports Robust Q1 2025 Financial Performance with Record Revenue and Operational Cash Flow, Reinforcing Dubai’s Net Zero Goals
Dubai Electricity and Water Authority PJSC, the exclusive provider of electricity and water services in the Emirate of Dubai, has announced strong financial and operational results for the first quarter of 2025. Listed on the Dubai Financial Market (DFM), DEWA continues to demonstrate financial stability, operational resilience, and an unwavering commitment to Dubai’s long-term sustainability goals.
In its consolidated financial results for Q1 2025, DEWA reported quarterly revenue of AED 5.96 billion, marking a year-over-year growth of 2.83%. This performance underscores the continued demand for utility services in Dubai as the Emirate’s population and infrastructure expand. DEWA also reported an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of AED 2.43 billion, an operating profit of AED 838 million, and a net profit of AED 496 million.
One of the most noteworthy highlights of the quarter was the company’s generation of net cash from operations, which reached a record AED 3.85 billion. This figure represents a significant 17.86% increase compared to the same period in 2024 and demonstrates the company’s strong cash generation capability, effective cost controls, and efficient working capital management. As a result, DEWA’s closing cash and cash equivalents stood at AED 8.17 billion, which is AED 2.07 billion higher than the balance recorded at the end of 2024.
Strategic Progress Toward Sustainability
Commenting on the results, His Excellency Saeed Mohammed Al Tayer, Vice Chairman and Managing Director & CEO of DEWA, reaffirmed the organization’s leadership in supporting Dubai’s energy transition and national sustainability goals. He stated:
“We are progressing in our journey to Net Zero by 2050 and will continue to play a decisive role in Dubai’s rapid progress. With consistent growth in demand for electricity, water, and district cooling services, our revenue grew to AED 5.96 billion in the quarter. 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. Our financials reflect a healthy operating profit of AED 838 million in the quarter, and an EBITDA of AED 2.43 billion.”
Al Tayer further emphasized DEWA’s focus on infrastructure investments to support clean energy initiatives. “We invested AED 2.26 billion in infrastructure during the quarter, mainly related to our energy transition strategy,” he said. This investment reflects DEWA’s ongoing dedication to aligning with Dubai’s Clean Energy Strategy 2050 and Net Zero Strategy 2050, both of which aim to transition the Emirate toward a sustainable, low-carbon future.
Growth in Power and Water Generation
During the first quarter of 2025, DEWA generated a total of 10.50 terawatt-hours (TWh) of electricity, representing a 2.83% increase over the same period in 2024. Importantly, clean energy sources accounted for 1.86 TWh, contributing 17.7% of total power generation. This growing share of renewable energy highlights DEWA’s strategic shift toward greener energy sources and reflects the progress of large-scale renewable projects like the Mohammed bin Rashid Al Maktoum Solar Park.
Water production also saw a significant increase. DEWA produced 35.61 billion imperial gallons (BIG) of desalinated water during the quarter, a year-on-year increase of 4.56%. This growth is aligned with Dubai’s expanding urban landscape and increasing demand for potable water across residential, commercial, and industrial sectors.
Customer Growth Reflects Economic Vitality
DEWA’s strong financial performance was accompanied by continued customer growth, demonstrating the underlying economic expansion in Dubai. The company added 11,614 new customer accounts during Q1 2025. On a trailing 12-month basis, DEWA’s customer base grew by 57,339 accounts, marking a year-over-year increase of 3.7%.
This customer growth is fueled by Dubai’s vibrant real estate and construction sectors, as well as ongoing investments in commercial and tourism infrastructure. It also indicates increasing confidence in DEWA’s reliability and service quality as Dubai’s economy becomes more diversified and interconnected with global markets.
Capacity Expansion and Energy Mix
By the end of the first quarter of 2025, DEWA’s total installed electricity generation capacity stood at 17,579 megawatts (MW). Of this, 3,460 MW—equivalent to 20%—was derived from clean energy sources, including solar and other renewable technologies.
Looking ahead, DEWA expects its total installed capacity to reach 22 gigawatts (GW) by 2030. Out of this projected capacity, 7.5 GW—representing 34% of the total energy mix—is anticipated to come from clean energy. This forward-looking strategy is aligned with the strategic goals set by Dubai’s Clean Energy and Net Zero strategies.
Projects like the Mohammed bin Rashid Al Maktoum Solar Park, the world’s largest single-site solar park based on the Independent Power Producer (IPP) model, will play a central role in achieving this target. The solar park aims to reach a capacity of 5,000 MW by 2030, and includes photovoltaic (PV) and concentrated solar power (CSP) technologies, contributing directly to the diversification of the Emirate’s energy sources.
Infrastructure Investment and Innovation
During Q1 2025, DEWA invested AED 2.26 billion in infrastructure development. These investments are primarily directed toward projects that support the energy transition, grid modernization, and service reliability. Areas of focus include smart grid technology, transmission and distribution networks, water desalination plants, and clean power generation.
Innovation also remains central to DEWA’s mission. The company continues to leverage emerging technologies such as artificial intelligence, digital twins, and big data analytics to enhance operational efficiency, reduce downtime, and improve customer experience. Its R&D initiatives are supporting breakthroughs in energy storage, smart metering, and grid stability, all of which are crucial as renewable energy’s share in the grid increases.
Strong Financial Management and Shareholder Value
DEWA’s solid financial performance, marked by strong cash flow and a healthy balance sheet, provides the company with the flexibility to continue funding its ambitious capital expenditure plans while maintaining attractive returns for shareholders. With AED 8.17 billion in cash and equivalents, DEWA is well-positioned to respond to future challenges and opportunities in the utility sector.
The company’s robust operational cash flow also enhances its ability to pay dividends and support long-term shareholder value creation. In previous years, DEWA has demonstrated a consistent dividend policy, which reflects its confidence in future cash flow generation and profitability.
Enabling Dubai’s Global Sustainability Leadership
As Dubai pursues its ambition to become a global leader in clean energy and sustainability, DEWA’s role remains pivotal. The company is not only enabling the Emirate’s transition to cleaner energy but also helping to position Dubai as a global hub for innovation in utilities, smart cities, and green development.
Through its strategic initiatives and performance, DEWA is contributing significantly to national and international climate targets, including the UAE Net Zero by 2050 Strategic Initiative and the broader United Nations Sustainable Development Goals (SDGs). DEWA’s leadership in green hydrogen, solar power, water conservation, and carbon footprint reduction will be key pillars of Dubai’s evolving green economy.
