An increase of 10.4%

AED 763 million DEWA's first quarter net profit

  • DEWA: The revenue increase was driven by the high demand for electricity, water and cooling services. From the source

  • Saeed Al Tayer: "DEWA's results in the first quarter of 2023 exceeded our expectations, reflecting the strong growth witnessed by Dubai."

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Dubai Electricity and Water Authority (DEWA) announced yesterday its financial results for the first quarter of this year, recording revenues of AED 5.44 billion, an increase of 7.3% compared to the same period last year, while achieving a net profit of AED 763 million, a growth of 10.4%, while DEWA's total revenues during the past 12 months amounted to AED 27.7 billion, and net profits of AED 8.1 billion.

Increased demand

In a statement, DEWA explained that the increase in consolidated annual revenues for the first quarter was mainly driven by the increase in demand for electricity, water and cooling services, as well as the increase in revenues of DEWA's other asset portfolio, as the growth in quarterly revenues for electricity services increased by 7.2%, water services by 7.0%, and cooling services by 4.6%, while other revenues from DEWA's other assets increased by 11.2%.

Energy

The volume of energy demand during the first quarter of this year reached 9.66 terawatt hours compared to 9.17 terawatt hours during the same period in 2022, an increase of 5.3%.

Average energy consumption of customers during the first quarter of 2023 was higher than the average energy consumption during the same period in 2022.

waters

During the first quarter of this year, water demand reached 32.3 billion imperial gallons, compared to 30.4 billion gallons last year, a growth of 6.25%.

The average water consumption of customers during the first quarter of this year was higher than the average consumption in the same period in 2022.

Dealers

By the end of the first quarter of 2023, DEWA provided its services to 169,713 customers, an increase of 12,212 customers compared to the last quarter of last year, and 51,22 customers compared to the first quarter of last year.

optimism

Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: "DEWA's results in the first quarter of 2023 exceeded our expectations, reflecting the strong growth witnessed by Dubai."

He added: "We are confident and optimistic about DEWA's operational and financial performance for 2023 and beyond, as DEWA's strategy focuses on achieving sustainable returns, sustaining growth and doubling the value of future growth, which forms the cornerstone of DEWA's core value proposition."

support

"DEWA's efforts support the Dubai Economic Agenda (D33), which aims to double the size of Dubai's economy over the next decade, as our strategies, growth pillars and capital commitments are well positioned to achieve our ambitions in the field of energy transition within the framework of the Dubai Clean Energy Strategy 2050 and the Carbon Neutrality Strategy 2050 of the Emirate of Dubai, to provide 100% of the energy production capacity from clean energy sources by 2050, while meeting the strong demand for DEWA's portfolio of exclusive services and products," Al Tayer said.

5.44

Billions of dirhams revenues of the Authority within 3 months.