Dubai, UAE – Dubai Electricity and Water Authority (DEWA) Monday posted a revenue of AED 5.44bn ($1.48bn) and a net profit of AED763 million ($207.8m) for the first quarter.
For the last twelve months, DEWA’s consolidated revenue was AED 27.7 billion ($7.54bn) and the net profit was AED 8.1 billion ($2.21bn).
DEWA’s first quarter consolidated revenue increase of 7.3 percent was mainly driven by an increase in demand for electricity, water, and cooling services as well as an increase in the revenues of DEWA’s other portfolio of assets.
Quarterly revenue growth for electricity, water and cooling services increased by 7.2 percent, 7 percent and 4.6 percent respectively. DEWA’s other portfolio of assets grew their revenue by 11.2 percent.
Demand for power in the first quarter reached 9.66 TWh compared to 9.17 TWh for the same period in 2022, representing a 5.3 percent increase.
Average customer power consumption in the first quarter of 2023 was higher than that of 2022.
“DEWA’s efforts support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA.
