Skip to content Skip to Search
Skip navigation

Revenues power up by 7.3% at Dewa

Dewa CEO Saeed Mohammed Al Tayer said the utility's first quarter results had 'exceeded our expectations' Reuters/Satish Kumar
Dewa CEO Saeed Mohammed Al Tayer said the utility's first quarter results had 'exceeded our expectations'
  • Electricity, water and cooling demand all increase
  • Results ‘exceeded expections,’ says CEO
  • Utility added 12,212 customers in Q1 of this year

Dubai Electricity and Water Authority (Dewa) has reported revenues of AED763 million ($207.78 million) for the first quarter of the year amid increased demand from customers across the board.

The Dubai listed company’s first quarter consolidated revenue increase of 7.3 percent year-on-year to AED 5.44 billion was mainly driven by an increase in demand for electricity, water and cooling services across the emirate.

For the last 12 months Dewa’s consolidated revenue was AED27.7 billion and net profit was AED8.1 billion.

Saeed Mohammed Al Tayer, managing director and CEO of Dewa, said the results had “exceeded our expectations”.

Quarterly revenue growth for electricity, water and cooling services increased by 7.2, 7 and 4.6 percent, respectively.

The state-owned utility provider’s other portfolio of assets saw revenues increase by 11.2 percent.

Demand for power in the first quarter was up 5.3 percent, reaching 9.66 terawatt-hours (TWh) compared to 9.17 TWh for the same period in 2022.

Demand for water in the first quarter of 2023 reached 32.3 billion imperial gallons (BIG) compared to 30.4 BIG in Q1, 2022 – a 6.25 percent increase.

By the end of the first quarter of this year, Dewa served 1,169,713 customers. This represented an increase of 12,212 customers from the fourth quarter of 2022, and 51,022 more customers from the first quarter of 2022.

In April 2022 Dewa was listed as a public company on the Dubai Financial Market, the largest utility IPO globally since 2008.

Last month shareholders approved the payment of total dividends of AED4.77 billion as of April 20, 2023.

Latest articles

Aircraft, Airliner, Airplane

Tunisair growth slows as costs rise

Tunisair’s revenue increased by only 3 percent year on year to TND695 million ($224 million) in the first half of 2024, as fuel costs rose and its market share shrank. Passenger numbers went up by 2 percent to 1.17 million, compared to 1.15 million a year ago, the state-run Tunis Afrique Presse reported. Average revenue […]

A cattle drive in the Pantanal region. Meat is a major component of Brazil's trade with Saudi Arabia

Brazil’s JBS to open Saudi food factory as trade ties deepen

Brazilian multinational JBS is to open a food factory in Saudi Arabia with an investment of SAR500 million ($133 million), in a further sign of the strengthening ties between the two countries. JBS, one of the largest meat and poultry producers in the world, will open the facility in Jeddah under its subsidiary Seara by […]

Architecture, Building, Convention Center

First Abu Dhabi Bank revenue rises on overseas growth

First Abu Dhabi Bank (FAB), the UAE’s biggest lender, said revenues rose 16 percent year on year to AED15.7 billion ($4.3 billion) in the first half of 2024, driven by 30 percent annual growth in international franchise. Net profit increased 3 percent to AED8.4 billion despite the impact of corporate tax, which came into effect […]