Revenues increased to 20.63 billion dirhams
DEWA's net profit rises 21% to 6.47 billion dirhams in 9 months
DEWA recorded quarterly revenues of 8.55 billion dirhams.
archival
Dubai Electricity and Water Authority (DEWA) announced its financial results for the third quarter of 2022, recording quarterly revenues of 8.55 billion dirhams, and net profits of 3.17 billion dirhams.
The revenues of the Dubai Electricity and Water Authority during the first nine months of 2022 increased by 15%, compared to the same period last year, to reach 20.63 billion dirhams, driven by the high volume of demand for electricity and water services, and the transition to the usual tariff structure, while net profits recorded 6.47 billions of dirhams.
high demand
According to DEWA, the demand for energy in Dubai during the first nine months of 2022 increased by 5%, compared to the same period in 2021, and the demand for water in the same period increased by 6.4%.
The volume of energy demand during the first nine months of 2022 amounted to 40.7 TWh, compared to 38.6 TWh during the same period in 2021, and peak energy demand reached 9.5 GW, an increase of 3.3% compared to the same period last year.
The Dubai Electricity and Water Authority pointed out that in 2021 and 2022, the peak demand was recorded during the month of July.
Number of dealers
The authority stated that at the end of the third quarter of this year, it provided its services to 1,143,153 customers, an increase of 4.89% over the same period last year, at a time when the number of the authority's customers increased by 17,032 new customers since the second quarter of 2022.
During the third quarter of 2022, the Authority’s production of electricity reached 17.3 TWh, an increase of 3.59% compared to the same period last year, and 36.7 billion gallons of desalinated water, an increase of 6.59% compared to the same period last year.
best performance
Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority, said that the authority achieved a net profit during the first nine months of 2022, almost equal to its net profit during the whole of last year.
He added: "These record results confirm our constant endeavor to focus on our strategic priorities to achieve sustainable and innovative growth, at a time when the authority is on the right track to achieve the best annual financial performance in its history this year."
Al Tayer continued: “These results contribute to providing sustainable profits to shareholders, as the authority paid the first dividends of 3.1 billion dirhams in October 2022, and also announced the offering of Empower, which owns 70% of its shares to the public, as well as recommending the payment of special dividends for once. One for shareholders, with a value of 2.03 billion dirhams, in December 2022.
Al Tayer stressed that investing in DEWA is a unique opportunity, supported by record growth in profits, and predictable cash flows, in addition to a specific dividend policy.
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