Dewa’s first-quarter net profit jumps 19 per cent as power consumption rises – The National

Dewa’s first-quarter net profit jumps 19 per cent as power consumption rises – The National

The Dubai Electricity and Water Authority reported a 19 per cent jump in first quarter net profit as revenue rose on increased power consumption in the emirate.

Net profit for the three-month period to the end of March climbed to Dh691 million ($188m), Dewa said in a regulatory filing on Friday to the Dubai Financial Market, where its shares are traded.

Revenue for the reporting period climbed an annual 15 per cent to Dh5.06 billion as a rise in hospitality and commercial activities in Dubai, underpinned by the easing of Covid-related restrictions world-wide, contributed to robust demand growth.