Dubai Electricity and Water Authority PJSC announces solid second quarter results with a stellar increase in operating cash flow

Dubai Electricity and Water Authority PJSC announces solid second quarter results with a stellar increase in operating cash flow

In the first 6 months of 2023, customer demand for power and water was up by 3.1% and 5.1% respectively

For H1, 2023, net cash generated from operating activities is AED 5.4 billion (up by 18.2%)

Reports consolidated first half operating profit of AED 3.1 billion, and net profit of AED 2.7 billion

H1, 2023

Revenue

AED 12.7 billion

Net Cash from Operating Activities

AED 5.4 billion

+5.4%

+18.2%

H1, 2023

H1, 2023

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), today reported its second quarter 2023 consolidated financial results, recording quarterly revenue of AED 7.3 billion and net profit of AED 1.98 billion. For the first six months, DEWA’s consolidated revenue was AED 12.7 billion and net profit was AED 2.7 billion.

By the end of H1, 2023, the Company’s net cash from operating activities increased by a record AED 837million to AED 5.4 billion, representing a stellar 18.2% increase versus the same period for the last year.

Robust on the ground fundamentals are driving top line growth

DEWA’s first six month consolidated revenue increase of 5.4% to AED 12.7 billion was mainly driven by an increase in demand for electricity,