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Dubai’s DEWA Reports Robust Financial Performance in Q1 2023

Otis De Marie • July 18, 2023
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Dubai Electricity and Water Authority (DEWA) has posted a strong financial performance for the first quarter of 2023, reporting a net profit of AED763 million ($208 million) and a quarterly revenue of AED5.44 billion ($1.5 billion). The venerated constituent of the Dubai Financial Market has consolidated revenues amounting to an impressive AED27.7bn ($7.5bn), with a net profit of AED8.1bn ($2.2bn), underscoring its formidable presence in the emirate’s economic landscape.

The growth in DEWA’s financial performance is attributable to an uptick in demand for electricity, water, and cooling services, alongside an upsurge in its diverse asset portfolio revenues, serving as key catalysts for a 7.3% surge in the first quarter’s consolidated revenue. The individual revenue growth for electricity, water, and cooling services clocked in at 7.2%, 7.0%, and 4.6%, respectively, with the revenue from DEWA’s other assets swelling by 11.2%.

The energy thirst witnessed a 5.3% growth year-on-year in Q1 2023, reaching 9.66 TWh from Q1 2022’s 9.17 TWh. The average power consumed by customers during the first quarter also outpaced that of the previous year. A 2.04% improvement in the first quarter gross heat rate for power was a clear testament to DEWA’s enhanced operational efficiency and unwavering commitment to sustainability and environmental health.

Water demand also experienced a swell, clocking in at 32.3 billion imperial gallons (BIG) in Q1 2023, marking a 6.25% uptick from Q1 2022’s 30.4 billion BIG. The average water consumption by customers during the first quarter also superseded 2022’s figures.

DEWA’s customer base grew to 1,169,713 at the end of Q1 2023, representing an increase from both the previous quarter and year. CEO Saeed Mohammed Al Tayer expressed satisfaction with the results, extolling them as a testament to Dubai’s robust growth and a favorable omen for DEWA’s performance in 2023 and beyond. He reiterated DEWA’s commitment to consistent returns, sustainable growth, and value creation for investors.

DEWA’s infrastructure also received a boost, with the commissioning of seven substations, including four 132 kV substations and three 33 kV substations. The Authority has rolled out 1,129,816 smart electricity meters and 1,010,924 smart water meters, marking a sizeable increase from December 2022.

Renewable energy is also gaining traction, with DEWA adding 100 MW of solar capacity in Q1 2023. By the end of March, the corporation boasted a total installed generation capacity of 14.6 GW, of which 2.1 GW was derived from renewable energy sources. This is in line with DEWA’s commitment to a sustainable future and the UAE’s vision of becoming a leader in renewable energy.

DEWA’s robust financial performance in the first quarter of 2023 is a testament to the Authority’s operational efficiency, sustainable growth, and commitment to value creation for investors. The commissioning of seven substations, expansion of smart meter deployment, and the addition of 100 MW of solar capacity underscore DEWA’s commitment to infrastructure development and renewable energy. With its formidable presence in Dubai’s economic landscape, DEWA is well-positioned to continue delivering consistent returns and contributing to the emirate’s growth.

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