DEWA Jan-Sep 2022 profits rises 21% to AED6.47 billion

DEWA Jan-Sep 2022 profits rises 21% to AED6.47 billion

DUBAI, 10th November, 2022 (WAM) -- Dubai Electricity and Water Authority (DEWA) today reported its third quarter 2022 financial results, recording quarterly revenue of AED8.55 billion and a net profit of AED3.17 billion.

DEWA’s first nine-month revenue increase of 15 percent to AED20.63 billion was mainly driven by an increase in demand and a transition to normalised tariff structure. Energy demand in Dubai during the first nine months of 2022 increased by 5 percent compared to the same period in 2021. Similarly, water demand in the same period grew by 6.4 percent.

Demand for energy in the first nine months of 2022 reached 40.7 terawatt hour (TWh) compared to 38.6 TWh in the first nine months of 2021. Furthermore, DEWA’s peak demand in the first nine months of 2022 was 9.5 Gigawatts, which represents a 3.3 percent increase over the same period of last year. For the year 2022 and 2021, DEWA achieved peak demand in the month of July.

By the end of the third quarter, DEWA served 1,143,153 customers, representing a 4.89 percent increase from the same time last year. Accordingly, DEWA has added 17,032 new customers since Q2, 2022.

For the third quarter of 2022, DEWA generated 17.3 TWh, representing a