Dubai, UAE – Dubai Electricity and Water Authority, on Wednesday reported quarterly revenue of AED 6.7 billion ($1.82 billion) and net profit of AED 1.5 billion ($0.40 billion).
For the full year, DEWA’s consolidated revenue was AED 27.4 billion ($7.46 billion) and net profit was AED 8.0 billion ($2.17 billion).
DEWA’s standalone net profit rose to AED 11.1 billion ($3 billion), which includes AED 4.4 billion ($1.19 billion) of other income. The key drivers of this other income include AED 2.3 billion ($0.62 billion) dividend received from EMPOWER and AED 1.67 billion ($0.45 billion) of profit from the sale of EMPOWER shares.
DEWA’s 2022 annual consolidated revenue increase of 15 percent to AED 27.35 billion ($7.40 billion) was mainly driven by an increase in demand for electricity and water and a transition to normalised tariff structure.
Demand for power in 2022 reached 53.2 TWh compared to 50.4 TWh in 2021, representing a 5.56 percent increase. DEWA’s peak demand in 2022 was 9.5 GW, which represents a 3.3 percent increase over the same period of 2021.
For the year 2022 and 2021, DEWA achieved peak demand in the month of July. Average customer power consumption in 2022 was higher than that of 2021.
By the end of 2022, DEWA served 1,157,501 customers, representing an increase of 14,438 customers from the third quarter of 2022. DEWA added 51,089 new customers in 2022, which is a 4.6 percent increase from 2021.
In April 2022, DEWA was listed as a public company on the Dubai Financial Market. This was the largest IPO in the UAE and the largest utility IPO globally since 2008.
DEWA’s subsidiary, EMPOWER listed on the Dubai Financial Market as a public company in November, 2022. DEWA currently owns 56 percent of EMPOWER and also consolidates the same. DEWA is the only entity in the region to have listed both itself and its subsidiary in the course of the same year.