Dewa Q1 2025 profit falls despite revenue rise

Net profit at the Dubai Electricity and Water Authority (Dewa) fell by about a quarter in the first three months of 2025 despite a rise in revenue.

Net profit reached AED497.8 million in the first quarter, a drop of 23 percent year on year, according to Dewa’s consolidated interim financial report.

Revenue rose 3 percent year on year to AED6 billion, while cash from operations jumped 19 percent annually to AED3.9 billion, reaching an all-time high.

The statement gave no reasons for the earnings decline, but the company’s borrowing repayment more than doubled to nearly AED4 billion year on year in the first quarter.

The company generated 10.5 terawatt-hours (TWh) of power, up 3 percent year on year. Clean power generation hit 1.86 TWh, contributing 18 percent to the overall power generation.

The state-backed utility provider’s customer base rose by about 11,600 customer accounts during the quarter. The total number of customer accounts increased by more than 57,300, rising 4 percent in the last 12 months ending with the first quarter.

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By 2030, Dewa says it will add 240 million gallons per day of desalination capacity, with total installed desalinated capacity reaching 735 million gallons per day.

The company plans to pay a dividend of AED3.1 billion for the first half of 2025 in October 2025, subject to all necessary approvals.

Dewa, which listed on the Dubai Financial Market in April 2022, had a share price of AED2.64 at close of trading on Monday, a decline of 7 percent year to date.