Profits of listed energy and utilities companies rise to AED 24 billion in 2022

The profits of energy and utilities companies listed on the local capital markets increased year-on-year by 20.4% during the past year, while revenues increased by 19.3%, and assets grew by more than 4.3%, reflecting the strength of their solvency and enjoying strong revenues benefiting from the strength and strength of the national economy.

According to the monitoring of the Emirates News Agency (WAM), based on the financial results of companies announced on the websites of the financial markets, the net profits of seven listed companies in the energy and utilities sector reached about 24 billion dirhams last year compared to about 20 billion dirhams during 2021, an increase equivalent to 4.1 billion dirhams.

The revenues of the seven companies increased year-on-year by 19.3% from AED 111.5 billion in 2021 to AED 133.05 billion at the end of 2022, an increase equivalent to AED 21.5 billion, while the total assets of the companies increased from AED 409 billion at the end of December 2021, to AED 426.6 billion at the end of December 2022, an increase of approximately AED 17.6 billion.

Abu Dhabi National Energy Company (TAQA) came out on top with net income reaching AED eight billion, an increase of AED two billion.

Dubai Electricity and Water Authority (DEWA) achieved a net profit of AED eight billion in 2022, recording the best consolidated and independent annual financial performance in its operational history.

ADNOC Drilling reported an exceptional net profit last year of AED 2.95 billion, up 33% year-on-year.

ADNOC Distribution recorded strong profits, with net profit up 22% year-on-year to AED 2.75 billion in 2022.

Emirates Central Cooling Systems Corporation (Empower) recorded a net profit of AED 1.001 billion, an increase of 7%.

Tabreed's net profit increased to AED 600.2 million in 2022, up 3% compared to AED 585.2 million in 2021.

Dana Gas' net profit reached AED 667 million in 2022.