DEWA announces AED12.08 billion revenue in H1 2022

DEWA announces AED12.08 billion revenue in H1 2022

DUBAI, 11th August, 2022 (WAM) -- Dubai Electricity and Water Authority (DEWA) today reported its second quarter 2022 financial results, recording quarterly revenue of AED7.01 billion and a net profit of AED2.61 billion. For the first half 2022, DEWA's revenue is AED12.08 billion, and net profit is AED3.30 billion.

DEWA's first half revenue increase of 15 percent to AED12.08 billion was mainly driven by an increase in demand. Energy demand in Dubai during the first half of 2022 increased by 6.3 percent compared to the same period in 2021. Demand for energy in the first half of 2022 reached 23.27 TWh compared to 21.9 TWh in the first half of 2021. Nearly 10 percent of this generation is from Solar. Similarly, water demand in the same period grew by 6.4 percent.

DEWA's peak demand in the first half of 2022 was 9.4 GW, representing a 7 percent increase over last year.

By the end of the second quarter, DEWA served 1,126,121 customers, representing a 5.12 percent increase from the same time last year.

DEWA's majority-owned subsidiary, EMPOWER, also demonstrated record growth in segmented revenue and profit. During H1, EMPOWER's revenue was AED1,154 million, and net profit was AED432 million, representing a 16 percent and