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

The Saudi government is trying to raise home ownership among nationals to 70 percent of the population by 2030, which is helping to drive up residential property prices

Residential price rise counters slip in Saudi commercial property

Residential property was the driving force behind a rise in Saudi Arabian real estate prices in the first quarter of 2024 as prices of commercial real estate fell, government statistics released this week showed.  The overall real estate price index rose by 0.6 percent compared with the same quarter in 2023. But while there was […]

Residents in Muscat. Oman's government is taking steps to increase the size of its debt market

Sukuk takes bigger slice of Oman’s shrinking debt market

Oman’s total debt capital market contracted by 7 percent to $44 billion last year as the government took advantage of its budget surplus from higher oil and gas prices to make early payments. The energy boon helped its budget surplus total $2.4 billion. Despite the shrinking debt market Fitch Ratings said sukuk issuance in Oman […]

Marcel Ciolacu, Romania's PM, speaks to reporters in Rome. He is now in Qatar for trade talks

Romania touts $16bn of opportunities as PM visits Qatar

Romania is looking to secure €15 billion ($16 billion) of investment from Qatar during a visit by its prime minister, Marcel Ciolacu. He is set to hold talks with Qatar’s prime minister and minister of foreign affairs, Mohammed bin Abdulrahman bin Jassim Al Thani. Ciolacu is also due to have discussions with representatives of Qatar […]

The under-construction Zayed National Museum in Abu Dhabi

UAE wealth fund ADQ buys stake in Abu Dhabi builder

UAE sovereign wealth fund ADQ is acquiring a stake in the construction company building the Guggenheim and Zayed National museums in Abu Dhabi. Alpha Dhabi Holding (ADH), an investment holding company, announced in a filing to the Abu Dhabi Stock Exchange on Tuesday that it will divest 49 percent of its subsidiary Alpha Dhabi Construction […]