DEWA’s Q1 2023 net profit up 10.4% to $208m

DEWA’s Q1 2023 net profit up 10.4% to $208m

Dubai Electricity and Water Authority (DEWA) has reported a 10.4 per cent increase in first-quarter net profit to $208m (Dhs763m), driven by higher energy and water demand in the city. The utility company’s revenue for the first three months of the year hit Dhs5.44bn, up 7.3 per cent year-on-year (YoY). For the last twelve months, DEWA’s total revenue was Dhs28bn and its net profit was Dhs8.1bn. “Quarterly revenue growth for electricity, water and cooling services increased by 7.2 per cent, 7.0 per cent and 4.6 per cent respectively. DEWA’s other portfolio of assets grew their revenue by 11.2 per cent,” the utility major said in a bourse filing while noting that these were the key contributors to its financial performance. The company said the demand for power in Q1 2023 reached 9.66 terawatt-hours (TWh), a 5.3 per cent increase from 9.17 TWh during the same period in 2022. It said the average customer power consumption in the first quarter was higher than the 2022 levels. “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,”