DEWA revenue up 7.3% at Dh5.44 billion in Q1 2023

DEWA revenue up 7.3% at Dh5.44 billion in Q1 2023

Dubai: Dubai Electricity and Water Authority (DEWA) reported consolidated revenue of Dh5.44 billion (up 7.3 per cent) and net profit of Dh763 million (up 10.4 per cent) for the first quarter of 2023. For the last twelve months, the utility’s consolidated revenue was Dh27.7 billion and net profit was Dh8.1 billion. The revenue increase was mainly driven by an increase in demand for electricity, water, and cooling services as well as an increase in the revenues of DEWA’s other portfolio of assets. Quarterly revenue growth for electricity, water and cooling services increased by 7.2 per cent, 7 per cent and 4.6 per cent, respectively. DEWA’s other portfolio of assets grew their revenue by 11.2 per cent. “Our reported results for the first quarter of 2023 have exceeded our expectations, reflecting the robust growth of Dubai. Looking ahead, I reiterate our optimism about our operating and financial performance for 2023 and beyond. DEWA’s shareholder strategy is focused on delivering consistency of returns, sustainability of growth and compounding of our growth value over time, which forms the bedrock of our core value proposition to our investors,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA. “DEWA’s efforts support the Dubai Economic