Dubai Electricity and Water Authority PJSC (DEWA), the exclusive provider of electricity and potable water in Dubai, has reported strong Q1 2024 results. The company's revenue reached AED 5.8 billion, marking a 6.7% increase year-on-year. This growth is attributed to a high demand growth of 6.4% in electricity and 5.9% in water.

DEWA also recorded its highest ever Q1 EBITDA of AED 2.6 billion, up by 9%, and a consolidated operating profit of AED 995 million, a rise of 11.6%. These figures reflect the company's robust operational efficiency and effective cost management strategies.

Furthermore, the company delivered an extra AED 692 million in net cash from operations, reaching AED 3.3 billion, a 26.9% increase. This significant growth in net cash from operations demonstrates the company's strong cash flow generation capacity and financial health.

These impressive results are a testament to DEWA's strategic initiatives and operational excellence. Despite the negative yields over the past few months, the company's robust Q1 2024 results and its dominant position in Dubai's electricity and water sector make it an interesting investment consideration. However, given the current market conditions and the company's recent performance, a neutral stance is suggested for the time being.