Dubai, UAE — Dubai Electricity and Water Authority has posted a net profit of AED 7.9 billion ($2.15 billion) for 2023 and full-year revenue of AED 29.2 billion.
The fourth quarter revenue was AED 7.1 billion and net profit AED 1.8 billion. The full-year audited results are expected to be released in the first week of March 2024.
DEWA’s annual consolidated revenue increased by 7 percent, mainly driven by an increase in demand for electricity, water and cooling services.
The system demand for power soared to a high of 56.5 TWh in 2023 marking a 6.3 percent annual increase from the 53.2 TWh recorded in 2022.
Notably, DEWA generated 6.2 TWh of clean power during the year, which is 32.7 percent increase over the previous year. This clean power accounted for 11 percent of the total power generated in 2023.
“We have achieved the highest annual revenue and operating profit in DEWA’s history. Our electricity generation growth of 6.1%, total installed capacity of 15.7 GW with around 17% contributed by renewable sources, peak load of 10.4GW and customer accounts exceeding 1.2 million, are the highest ever reported.” said Saeed Mohammed Al Tayer, CEO DEWA.