Dewa announces revenue of Dhs5.068 billion for 1st quarter

Dewa announces revenue of Dhs5.068 billion for 1st quarter

Dubai Electricity and Water Authority (Dewa) on Friday reported its first-quarter 2022 financial results, recording revenues of Dhs5.068 billion and net profit of Dhs691 million. Dewa’s first-quarter revenue increased by 15 per cent to Dhs5.068 billion, driven by an increase in consumption across all sectors and the transition to a normalised tariff structure at the beginning of this year. Rise in hospitality and commercial activities in Dubai, in part due to the easing of Covid-related restrictions worldwide, has contributed to the robust demand growth. Compared to the first quarter of 2021, electricity revenue is up 17.5 per cent, water revenue is up 20.2 per cent, and district cooling revenue is up 17.6 per cent in the first quarter of 2022. Dewa’s consolidated gross fixed assets grew by Dhs2.8 billion to Dhs204.2 billion as of March 31, 2022 compared to Dhs201.4 billion on Dec.31, 2021. “Dewa meets the increasing demand for electricity and water in Dubai according to the highest standards of reliability, efficiency and quality, thanks to the best-in-class infrastructure and sound governance system across the Group.” “The strong first quarterly result is a testament to our resilient operating business model and continues a track record of consistent growth,” said