UAE’s DEWA reports net profit of Dhs691m for Q1 2022

UAE’s DEWA reports net profit of Dhs691m for Q1 2022

The Dubai Electricity and Water Authority (DEWA) has reported Q1 2022 revenue growth of 15 per cent to Dhs5.068bn and a net profit of Dhs691m. Compared to Q1 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 this year. DEWA’s consolidated gross fixed assets grew by Dhs2.8bn to Dhs204.2bn as of March 31, 2022 compared to Dhs201.4bn on December 31, 2021. DEWA currently provides its services to 3.5 million Dubai residents and the emirate’s active daytime population of over 4.7 million. These numbers are expected to grow to 5.8 million and 7.8 million, respectively, by 2040, according to state news agency WAM. DEWA said that its growth roadmap is aligned with Dubai’s Net Zero Carbon Emissions Strategy 2050, which aims to provide 100 per cent of Dubai’s energy production capacity from clean energy sources by 2050. On October 27, 2021, Empower signed Heads of Terms with Dubai Airports City Corporation for the potential acquisition of district cooling assets. The acquisition is expected to be completed in the second quarter of 2022 for around Dhs1.05bn. On March 29, 2022, Empower entered