Dubai Electricity and Water Authority (Dewa) reported its first-quarter consolidated financial results on Monday, recording a quarterly revenue of Dh5.44 billion and a net profit of Dh763 million. For the last twelve months, Dewa’s consolidated revenue was Dh27.7 billion, and net profit was Dh8.1 billion.
Dubai Electricity and Water Authority’s first-quarter consolidated revenue showed an increase of 7.3 per cent to Dh5.44 billion, mainly driven by a rise in demand for electricity, water, and cooling services, as well as an increase in the revenues of Dubai Electricity and Water Authority’s other portfolio of assets. The growth in quarterly revenue for electricity, water, and cooling services was 7.2 per cent, 7.0 per cent, and 4.6 per cent, respectively. Dubai Electricity and Water Authority’s other portfolio of assets grew their revenue by 11.2 per cent.
The demand for power in the first quarter reached 9.66 TWh compared to 9.17 TWh for the same period in 2022, representing a 5.3 per cent increase. Additionally, the average customer power consumption in the first quarter of 2023 was higher than that of 2022. This increase in demand for electricity was attributed to an increase in population and economic activities, particularly in Dubai’s tourism and hospitality sectors.
Dubai Electricity and Water Authority’s first-quarter gross heat rate for power was 9,317 BTU / kWH, reflecting a 2.04 per cent improvement compared to the same period in the last year. This indicates increased operational efficiency and reflects Dewa’s targeted sustainability and environmental efforts.
In terms of water demand, the first quarter of 2023 recorded a 6.25 per cent increase, with 32.3 billion imperial gallons (BIG) compared to 30.4 BIG in Q1, 2022. Moreover, the average customer water consumption in the first quarter of 2023 was higher than that of 2022.
By the end of the first quarter of 2023, Dewa had served 1,169,713 customers, representing an increase of 12,212 customers from the fourth quarter of 2022, and an increase of 51,022 customers from the first quarter of 2022. The rise in customers was attributed to Dewa’s continuous efforts to enhance its services and infrastructure.
Saeed Mohammed Al Tayer, MD & CEO of Dewa, said that Dewa’s strong financial performance in the first quarter reflects the success of the authority’s strategies and initiatives aimed at providing efficient, reliable, and sustainable electricity and water services in Dubai. Al Tayer added that Dewa continues to leverage the latest technologies and innovative solutions to improve its services and contribute to achieving the UAE’s sustainable development goals.
Dewa’s financial performance in the first quarter of 2023 is significant, given the challenges that the global economy is facing due to the COVID-19 pandemic. Dewa’s success in generating a strong net profit and revenue growth reflects the authority’s ability to adapt to the changing business environment and maintain its financial stability.
The authority’s ongoing investment in infrastructure and technology has helped it provide efficient and reliable services to its customers, even during the pandemic. Dewa’s continuous efforts to adopt sustainable practices and promote renewable energy have also played a crucial role in achieving its financial targets.
In conclusion, Dewa’s strong financial performance in the first quarter of 2023 reflects its ability to adapt to the changing business environment and provide efficient and reliable electricity and water services to customers. The authority’s ongoing investment in infrastructure and technology and its commitment to sustainability have enabled it to achieve its financial targets and contribute to the UAE’s sustainable development goals.
Dewa’s success in achieving strong financial results is a testament to the organization’s strategic initiatives and their commitment to serving their customers with reliable and sustainable services. The increase in demand for electricity, water, and cooling services is a reflection of the growth in Dubai’s economy, which is a key driver of Dewa’s revenue growth.
