Dewa reports net profit of AED3.30bn in H1 ’22

Dewa reports net profit of AED3.30bn in H1 ’22

Dubai / WAM

Dubai Electricity and Water Authority (Dewa) on Thursday 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% 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% compared to same period in 2021. Demand for energy in first half of 2022 reached 23.27 TWh compared to 21.9 TWh in the first half of 2021. Nearly 10% of this generation is from Solar. Similarly, water demand in same period grew by 6.4%. Dewa’s peak demand in first half of 2022 was 9.4 GW, representing a 7% increase over last year.

By the end of 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 11 percent increase, respectively, versus the same period