Dubai: Dewa posts Dh7.3 billion revenues and Dh1.98 billion net profit in Q2

Dubai: Dewa posts Dh7.3 billion revenues and Dh1.98 billion net profit in Q2

Company expects to pay a minimum annual dividend of Dh6.2 billion, over the first five years, starting October 2022

Published: Thu 10 Aug 2023, 4:20 PM

Dubai Electricity and Water Authority (Dewa) on Thursday reported its second quarter 2023 revenue of Dh7.3 billion and net profit of Dh1.98 billion.

The utility services provider’s first six-month consolidated revenue increased 5.4 per cent to Dh12.7 billion, mainly driven by an increase in demand for electricity, water, cooling services and an increase in the revenues of another portfolio of assets. Revenue growth for electricity, water and cooling increased by 5.7 per cent, 3.8 per cent and 4.9 per cent respectively. Dewa’s other portfolio of assets grew their revenue by 7.8 per cent. Its H1 net profit stood at Dh2.7 billion.

The company expects to pay a minimum annual dividend of Dh6.2 billion, over the first five years, starting October 2022. The dividends are being paid semi-annually in April and October. The upcoming dividend payment of Dh3.1 billion for H1 2023 is expected to be disbursed in October 2023.

By the end of H1, the company’s net cash from operating activities increased by a record Dh837 million to Dh5.4 billion, representing a stellar 18.2 per cent increase versus the