Dubai’s DEWA reports 21% increase in net profit for January-September 2022
The Dubai Electricity and Water Authority reported a net profit of Dhs 6.47 billion for the first nine months of the year, registering near parity with its net profit for the whole of 2021.
Its turnover over nine months increased by 15% to reach 20.63 billion Dhs.
Energy demand in Dubai in the first nine months of 2022 increased by 5% year-on-year, while water demand in the same period increased by 6.4%.
Energy demand in the first 9 months of 2022 reached 40.7 TWh compared to 38.6 TWh in the first 9 months of 2021.
. @DEWAOfficial reports a record net profit of AED6.47 billion for the first 9 months, which is almost equal to its net profit for the whole of 2021. Record results reflect innovative growth and steady progress by DEWA.https://t.co/GcDTajm0yy pic.twitter.com/RFpqEG2CN0
— Dubai Media Office (@DXBMediaOffice) November 10, 2022
The emirate’s electricity and water service provider posted revenue of Dhs 8.55 billion in the third quarter, while its quarterly net profit stood at Dhs 3.17 billion.
At the end of the third quarter, DEWA served 1,143,153 customers, which represents an increase of 4.89% compared to the same period last year. It also added 17,032 new customers since the second quarter of 2022.
“These record results demonstrate our continued focus on achieving our strategic priorities of sustainable and innovative growth. Additionally, we have made steady progress towards creating shareholder value by paying our first dividend of Dhs 3.1 billion in October 2022, announcing plans to IPO our 70% owned subsidiary Empower and recommending the payment of a one-time special dividend. of Dhs2.03bn to be paid to our shareholders in December. For the 2022 financial year, we plan to return 8.23 billion dirhams in dividends to our shareholders,” said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA.
Last month, DEWA became the first local government organization to launch its platform on the metaverse to provide its services to customers and employees.