Dubai's DEWA reports 21% rise in net profit for Jan-Sep 2022 Dubai's DEWA reports 21% rise in net profit for Jan-Sep 2022
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Dubai’s DEWA reports 21% rise in net profit for Jan-Sep 2022

Dubai’s DEWA reports 21% rise in net profit for Jan-Sep 2022

By the end of the third quarter, DEWA served 1,143,153 customers, representing a 4.89 per cent year-on-year increase

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Dubai Electricity and Water Authority reported net profit of Dhs6.47bn for the first nine months of the year, recording near parity with its full year net profit for 2021.

Its nine-month revenue increased 15 per cent to reach Dhs20.63bn.

Energy demand in Dubai during the first nine months of 2022 increased by 5 per cent year-on-year, while water demand in the same period grew 6.4 per cent.

Demand for energy in the first 9 months of 2022 reached 40.7 TWh compared to 38.6 TWh in the first 9 months of 2021.

The emirate’s electricity and water services provider reported Dhs8.55bn in Q3 revenue, while its quarterly net profit equalled Dhs3.17bn.

By the end of the third quarter, DEWA served 1,143,153 customers, representing a 4.89 per cent increase from the same period last year. It also added 17,032 new customers since Q2 2022.

“These record results are a testament to our steadfast focus on delivering our strategic priorities of sustainable and innovative growth. Moreover, we have made sustained progress towards unlocking shareholder value by paying our first dividend of Dhs3.1bn in Oct,2022, by announcing the intention to float our 70 per cent owned subsidiary Empower and by recommending the payment of a one-time special dividend of Dhs2.03bn to be paid to our shareholders in December. For the financial year 2022, we expect to return Dhs8.23bn in dividends to our shareholders,” said Saeed Mohammed Al Tayer, managing director and CEO of DEWA.

Last month, DEWA became the first local government organisation to launch its platform on the metaverse to provide its services to customers and employees.

Read: Dubai’s DEWA launches platform in the metaverse

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