DUBAI, UAE – Dubai Electricity and Water Authority (DEWA) on Friday reported its Q3 2023 consolidated financial results, with a record quarterly revenue of US$2.5 billion (AED 9.4 billion), an operating profit of US$1 billion (AED 3.7 billion), and EBITDA of US$1.4 billion (AED 5.2 billion).
For the first nine months, DEWA’s consolidated revenue totaled US$6 billion (AED 22.2 billion), with an operating profit of US$1.8 billion (AED 6.9 billion) and EBITDA of US$3 billion (AED 11.2 billion).
By the end of Q3 2023, the company’s net cash from operating activities increased by a robust US$205 million (AED 754 million) to US$2.6 billion (AED 9.8 billion), representing a stellar 8.3 percent increase compared to the same period last year.
DEWA’s third-quarter consolidated revenue increase of 10.2 percent to US$2.5 billion (AED 9.4 billion) was mainly driven by an increase in demand for electricity, water and cooling services as well as an increase in the revenues from DEWA’s other portfolio of assets.
Water desalination in the third quarter of 2023 reached 38.7 billion imperial gallons (BIG), a 5.4 percent increase over the same period in the previous year.
As of September 30 2023 DEWA is serving 1,200,312 customers, which is 57,159 (or 5 percent) more accounts than a year ago, and an increase of 15,601 accounts from the second quarter of 2023.
Despite a doubling in finance costs, DEWA’s third-quarter net profit exceeds the profit of the same period last year by 6.9 percent.
For the first 9 months of 2023, DEWA’s revenue growth of 7.4 percent was mainly driven by electricity demand growth of 6.4 percent, water demand growth of 5.7 percent and cooling services revenue growth of 9.5 percent.
“I am pleased to report significant achievements and record-breaking milestones for DEWA in this quarter,” said Saeed Mohammed Al Tayer, MD and CEO of DEWA.
“We have achieved the highest quarterly revenue, operating profit, EBITDA and net profit in DEWA’s history with an outstanding 9.9 percent growth in our EBITDA,” he said.
“Our electricity generation growth of 8.8 percent, gross installed capacity of 15.1 GW with 17 percent of which is coming from renewable sources, peak load of 10.4GW, customer accounts exceeding 1.2 million, are the highest ever reported,” he added.
“Today, our gross infrastructure investment exceeds AED 215 billion, and our year-to-date carbon emissions reduction has exceeded 3 million tons. The profit from this quarter alone is sufficient to meet our dividend obligations for the second half of 2023,” Al Tayer said.
