Dubai Electricity and Water Authority PJSC achieves phenomenal financial results in Q1, 2023

Dubai Electricity and Water Authority PJSC achieves phenomenal financial results in Q1, 2023

- Reports robust first quarter revenue of AED 5.44 billion (up by 7.3%)

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DEWA Q1, 2023

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DEWA Q1, 2022

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AED 5.44 billion

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AED 763 million

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AED 5.07billion

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AED 691 million

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+7.3% YoY

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+10.4% YoY

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Q1, 2023 Revenue

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Q1, 2023 Net Profit

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Q1, 2022

Revenue

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Q1, 2022

Net Profit

Dubai, UAE: Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), has today reported its first quarter 2023 consolidated financial results, recording quarterly revenue of AED 5.44 billion and net profit of AED 763 million. For the last twelve months, DEWA’s consolidated revenue was AED 27.7 billion and net profit was AED 8.1 billion.

Robust on the ground fundamentals are driving record financial performance

DEWA’s first quarter consolidated revenue increase of 7.3% to AED 5.44 billion 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%, 7.0% and 4.6% respectively. DEWA’s other portfolio of assets grew their revenue by 11.2%.

Demand for power in the first