DEWA announces AED11.1 bn in record standalone 2022 net profit

DEWA announces AED11.1 bn in record standalone 2022 net profit

DUBAI, 8th February, 2023 (WAM) -- Dubai Electricity and Water Authority, today reported its full year 2022 preliminary and unaudited consolidated financial results, recording quarterly revenue of AED 6.7 billion and net profit of AED 1.5 billion.

For the full year, DEWA’s consolidated revenue was AED 27.4 billion and net profit was AED 8.0 billion.

DEWA’s standalone net profit rose to AED 11.1bn, which includes AED 4.4bn of other income. The key drivers of this other income include AED 2.3bn dividend received from EMPOWER and AED 1.67bn of profit from the sale of EMPOWER shares.

For the year 2022, DEWA delivered on its core strategic objective, which is focused on delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimising returns for all its stakeholders whilst minimising its environmental footprint.

Accordingly, DEWA’s 2022 annual consolidated revenue increase of 15% to AED 27.35 billion was mainly driven by an increase in demand for electricity and water and a transition to normalised tariff structure. Demand for power in 2022 reached 53.2 TWh compared to 50.4 TWh in 2021, representing a 5.56% increase. Further, DEWA’s peak demand in 2022 was 9.5 GW, which represents a 3.3% increase over the same period of