Dubai DEWA’s Q2 net profit jumps 37% as demand for energy grows

Dubai DEWA’s Q2 net profit jumps 37% as demand for energy grows

The Dubai Electricity and Water Authority (DEWA) reported a 37% jump in Q2 2022 net profit at AED 2.61 billion ($711 million) as demand for energy rose with the resurgence in travel and tourism in Dubai.

Revenue for the period climbed 14% to AED 7.01 billion, DEWA said in a regulatory filing on Thursday to the Dubai Financial Market.

The government-owned utility, which listed shares in April in one of the largest public floats globally, said it will continue to provide a robust infrastructure to keep pace with rapid developments in Dubai and provide services to more than a million customers.

For H1, DEWA made a net profit of AED3.30 billion, up 33% on year, while revenue came in 15% higher year-on-year (YoY) at AED 12.08 billion.

Demand for energy in the 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, the utility said. Water demand in the same period grew by 6.4%.

By the end of the second quarter, DEWA had served 1,126,121 customers, up 5.12% YoY.

The utility is reviewing plans to IPO district cooling provider, Emirates Central Cooling Systems Corp., known as Empower. "The timing and size