Dubai’s DEWA Q2 net profit falls 25% despite customer additions

Dubai’s DEWA Q2 net profit falls 25% despite customer additions

Utility provider Dubai Electricity and Water Authority (DEWA) reported a Q2 2023 net profit of 1.98 billion dirhams ($539 million), down 25% year-on-year (YoY) despite rising demand for its various services.

The net profit missed analysts’ mean estimate of AED 2.13 billion, according to data compiler Refinitiv.

The first-quarter consolidated revenue rose 4.1% (YoY) to AED 7.3 billion, fuelled by higher demand for electricity, water, and cooling services, and an increase in the revenues of its other portfolio of assets, the company said in a regulatory statement on the Dubai Financial Market (DFM) on Thursday.

(Writing by Brinda Darasha; editing by Seban Scaria)

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