Dubai Electricity and Water Authority (DEWA), which is listed on the Dubai Financial Market (DFM), today reported its consolidated financial results.
DEWA's second quarter of 2023 (Q2 2023) revenue was AED 7.3 billion, while net profit was AED 1.98 billion. For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion and net profit was AED 2.7 billion.
By the end of H1 2023, the Company’s net cash from operating activities increased by a record AED 837 million to AED 5.4 billion, representing a 18.2 percent increase versus the same period for the last year.
DEWA’s first six month consolidated revenue increase of 5.4 percent to AED 12.7 billion was mainly driven by an increase in demand for electricity, water, cooling services and an increase in the revenues of DEWA’s other portfolio of assets. Revenue growth for electricity, water and cooling increased by 5.7 percent, 3.8 percent and 4.9 percent respectively. DEWA’s other portfolio of assets grew their revenue by 7.8 percent.
During the second quarter consolidated revenue increased by 4.1 percent to AED 7.3 billion, driven by an increase in demand for electricity, water and cooling services and an increase in the revenues of DEWA’s other portfolio of assets.
Demand for power in the second quarter reached 14.3 TWh compared to 14.0 TWh for the same period in 2022. DEWA’s second quarter gross heat rate for power was 8,230 BTU / kWh, which is a 4.2 percent improvement compared to the same period in the last year, reflecting higher operational efficiency resulting from the Company’s targeted sustainability and environmental efforts.
Demand for water in the second quarter of 2023 reached 35.3 billion imperial gallons (BIG), representing a 4.6 percent increase.
By the end of the second quarter of 2023, DEWA is serving 1,184,711 customer accounts, representing an increase of 14,998 customer accounts from the first quarter of 2023.
Compared to the first half of 2022, DEWA’s first half 2023 net profit was impacted as a result of an increase in net finance costs, and depreciation. Net finance costs were higher by AED 262 million as a result of increase in EIBOR during the last 12 months, and as a result of a reduction in capitalised interest of new IPP projects that have been commissioned. In addition, depreciation has increased by AED 190 million due to new IPP projects that were commissioned, adding to DEWA’s generation capacity.
Saeed Mohammed Al Tayer, MD & CEO of DEWA, said,
“At DEWA, we continue the journey of excellence and sustainable growth guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.
“DEWA’s continued focus on smart project delivery, innovation and accelerating digital transformation have bolstered our top line results and our operating cash flow performance through the first six months of 2023. We are committed to advancing strategic priorities of sustainability focused smart growth, enhanced customer happiness, globally leading operational excellence and attractive capital returns for our shareholders,”
“In line with our strategy, we continue to maintain a robust infrastructure and services to keep pace with rapid developments in Dubai driven by the sustainable economic growth, execution of the ambitious Dubai 2040 Urban Master Plan and the associated increase in population. Today we provide world leading services to over 1.18 million customers at the highest standards of availability, reliability, efficiency and safety, and we are committed to future proofing the same,”
Al Tayer added.
“DEWA’s strategy is focused on delivering consistent returns, upholding highest Environmental, Social, and Governance (ESG) standards, sustainable growth and compounding of our growth value over time for our investors”
Al Tayer concluded.
News Source: Emirates News Agency