Dubai’s DEWA Q4 profit rises 15%; announces cash dividend

Dubai’s DEWA Q4 profit rises 15%; announces cash dividend

Utility provider Dubai Electricity and Water Authority (DEWA) reported a Q4 2023 net profit of 1.8 billion dirhams ($490 million), up 15% year-on-year (YoY) on the back of record revenues.

For the FY, DEWA made AED7.9 billion, 1% lower compared to the year before.

According to LSEG data, the Q4 net profit came in line with analysts’ mean estimate, while FY net profit came above the estimate of AED7.6 billion.

Q4 consolidated revenue rose 6% YoY to AED 7.1 billion, while FY revenue increased by 7% to AED29.2 billion, driven by higher demand for electricity, water, and cooling services, it said in a regulatory statement on the Dubai Financial Market (DFM) on Thursday.

As per DEWA’s dividend policy, it is set to pay a dividend of AED 3.1 billion for H2, 2023 in April, subject to approval by shareholders at the general assembly.

Total power generation in 2023 was 56-terawatt hour (TWh), up 6%. DEWA generated 6.2 TWh of clean power during the year, which is 33% increase YoY and accounted for 11% of the total power generated in 2023.

Water desalination amounted to 144 billion imperial gallons (BIG), up 5.2% YoY.

At the end of 2023, DEWA was serving over 1.2 million customers, rising 4.7% increase