DEWA reports revenue of AED 12.7 billion in H1 2023

DEWA reports revenue of AED 12.7 billion in H1 2023

DUBAI, 10th August, 2023 (WAM) -- Dubai Electricity and Water Authority (DEWA), which is listed on the Dubai Financial Market (DFM), today reported its consolidated financial results.

DEWA's second quarter of 2023 (Q2 2023) revenue was AED 7.3 billion, while net profit was AED 1.98 billion. For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion and net profit was AED 2.7 billion.

By the end of H1 2023, the Company’s net cash from operating activities increased by a record AED 837 million to AED 5.4 billion, representing a 18.2 percent increase versus the same period for the last year.

DEWA’s first six month consolidated revenue increase of 5.4 percent to AED 12.7 billion was mainly driven by an increase in demand for electricity, water, cooling services and an increase in the revenues of DEWA’s other portfolio of assets. Revenue growth for electricity, water and cooling increased by 5.7 percent, 3.8 percent and 4.9 percent respectively. DEWA’s other portfolio of assets grew their revenue by 7.8 percent.

During the second quarter consolidated revenue increased by 4.1 percent to AED 7.3 billion, driven by an increase in demand for electricity, water and cooling services and an increase in the revenues