Dubai Electricity and Water Authority (DEWA) today reported its third quarter 2022 financial results, recording quarterly revenue of AED8.55 billion and a net profit of AED3.17 billion.
DEWA’s first nine-month revenue increase of 15 percent to AED20.63 billion was mainly driven by an increase in demand and a transition to normalised tariff structure. Energy demand in Dubai during the first nine months of 2022 increased by 5 percent compared to the same period in 2021. Similarly, water demand in the same period grew by 6.4 percent.
Demand for energy in the first nine months of 2022 reached 40.7 terawatt hour (TWh) compared to 38.6 TWh in the first nine months of 2021. Furthermore, DEWA’s peak demand in the first nine months of 2022 was 9.5 Gigawatts, which represents a 3.3 percent increase over the same period of last year. For the year 2022 and 2021, DEWA achieved peak demand in the month of July.
By the end of the third quarter, DEWA served 1,143,153 customers, representing a 4.89 percent increase from the same time last year. Accordingly, DEWA has added 17,032 new customers since Q2, 2022.
For the third quarter of 2022, DEWA generated 17.3 TWh, representing a 3.59 percent increase from the same period last year. Similarly, DEWA produced 36.7 Billion Imperial Gallons of desalinated water, representing a 6.59 percent increase.
Saeed Mohammed Al Tayer, MD and CEO of DEWA, said,
“In line with the vision of the wise leadership to strengthen Dubai’s position as a leading global financial and economical hub, we achieved a profit for the first nine months of 2022 which is nearly at par with our full year net profit of 2021. These record results are a testament to our steadfast focus on delivering our strategic priorities of sustainable and innovative growth. We are well positioned to deliver the best full year financial performance in our history."
“Moreover, we have made sustained progress towards unlocking shareholder value by paying our first dividend of AED3.1 billion in October, 2022, by announcing the intention to float our 70 percent owned subsidiary EMPOWER and by recommending the payment of a one-time special dividend of AED2.03 billion to be paid to our shareholders in December. For the financial year 2022, we expect to return AED8.23 billion in dividends to our shareholders. DEWA offers an excellent value proposition that is backed by record earnings growth, predictable cash flows and a defined dividend policy, collectively reaffirming our ongoing commitment to continue to unlock value for our shareholders,"
News Source: Emirates News Agency