Revenues power up by 7.3% at Dewa

Reuters/Satish Kumar

• 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.

• Dubai utility provider approves $1.3bn dividend payout 
• Dewa’s 2022 profit rises 22% on higher power and water demand
• Dubai utility DEWA to raise $6.1 billion in biggest Gulf IPO since 2019

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.