An increase of 33%... and a 15% increase in revenues for the first half to 12.08 billion dirhams
3.3 billion dirhams, net profit of "Dewa" during 6 months
Saeed Al Tayer: "We continue to provide a strong infrastructure to keep pace with Dubai's continued prosperity, and to provide our services according to the highest standards."
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The revenues of the Dubai Electricity and Water Authority (DEWA), listed on the Dubai Financial Market, amounted to 12.08 billion dirhams during the first half of this year, an increase of 15% compared to the same period last year, while net profits amounted to 3.3 billion dirhams, an increase of more than 33% on an annual basis.
The authority stated, in a statement yesterday, during which it announced its financial results for the second quarter of 2022, that it recorded quarterly revenues of 7.01 billion dirhams, and 2.61 billion dirhams of net profit.
She explained that the increase in revenues in the first half was mainly driven by the increase in demand, noting that the demand for energy in Dubai increased by 6.3% during the first six months of this year, compared to the same period in 2021.
the demand
It indicated that the demand for energy during the first half of 2022 amounted to 23.27 TWh of electricity, compared to 21.9 TWh of electricity during the same period in 2021.
Dewa pointed out that 10% of the electricity was produced by relying on solar energy, indicating that similar to the increase in demand for electricity, the demand for water increased during the same period by 6.4%.
Peak demand during the first half of 2022 reached 9.4 GW, an increase of 7% over peak demand during the same period last year.
Services
Until the end of the second quarter of this year, the authority provided its services to more than 1.126 million customers, which represents an increase of 5.12 percent over the same period last year.
The Emirates Corporation for Central Cooling Systems (Empower), in which DEWA owns most of its shares, also recorded record growth in profits and revenues in its field of work.
During the first six months of this year, Empower's revenues amounted to 1,154 million dirhams, and net profits 432 million dirhams, which represents an increase of 16% and 11%, respectively, compared to the same period last year.
commitment
Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, said: "DEWA's strong financial results during the first half of the year confirm our commitment to developing our strategic priorities for smart growth based on sustainability, enhancing customer happiness, and improving operational excellence. And achieving attractive returns on capital for all shareholders of the company.
Al Tayer added that the authority's continuous focus on implementing its projects according to the set schedule, and its reliance on innovation and accelerating the wheel of digital transformation, contributed to enhancing its results during the first six months of 2022.
He continued, "In the Authority, we maintain our great ability to employ capital investments through our studied strategy related to investments, with a focus on achieving the aspirations of the Emirate of Dubai."
flourish
Al Tayer stressed: "In line with our strategy, we continue to provide a strong infrastructure to keep pace with Dubai's continued prosperity, and to provide our services to more than one million customers in the emirate, according to the highest standards of availability, reliability, efficiency and safety."
He pointed out that the authority has implemented pioneering projects to diversify clean and renewable energy sources in Dubai to include all available technologies, to achieve the vision of the rational leadership for a brighter and more sustainable future for future generations.
production capacity
DEWA’s total production capacity of energy reached 14,117 thousand megawatts during the first half of 2022, after adding 700 megawatts, including 600 megawatts from the Hassyan power production complex, which runs on natural gas, and 100 megawatts from solar photovoltaic panels within the fifth phase of the project. The Mohammed bin Rashid Al Maktoum Solar Energy Complex, which is implemented by the authority, is the largest solar energy complex in one location in the world with an independent power producer system, and its production capacity will reach 5,000 megawatts by 2030.
satellite
Dubai Electricity and Water Authority is the first utility in the world to use nanosatellites to improve operations, maintenance and planning of electricity and water networks.
In May 2022, the authority concluded a memorandum of cooperation with the global French satellite operator Eutelsat, to provide technical support for the authority’s space program (SpaceD) and the authority’s 3U nano-satellite “DewaSat-1”, which allows the development of special Internet of Things transmitters. Using nano-satellites, enhancing communication between the Authority's assets and its nano-satellite.
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