Dubai’s DEWA reports 21% rise in net profit for Jan-Sep 2022

Dubai’s DEWA reports 21% rise in net profit for Jan-Sep 2022

Dubai Electricity and Water Authority reported net profit of Dhs6.47bn for the first nine months of the year, recording near parity with its full year net profit for 2021. Its nine-month revenue increased 15 per cent to reach Dhs20.63bn.

Energy demand in Dubai during the first nine months of 2022 increased by 5 per cent year-on-year, while water demand in the same period grew 6.4 per cent.

Demand for energy in the first 9 months of 2022 reached 40.7 TWh compared to 38.6 TWh in the first 9 months of 2021.

. @DEWAOfficial reports a record net profit of AED 6.47bn for the first 9 months, which is nearly at par with its full-year net profit of 2021. The record results are a testament to DEWA’s innovative growth & sustained progress.https://t.co/GcDTajm0yy pic.twitter.com/RFpqEG2CN0 — Dubai Media Office (@DXBMediaOffice) November 10, 2022

The emirate’s electricity and water services provider reported Dhs8.55bn in Q3 revenue, while its quarterly net profit equalled Dhs3.17bn.

By the end of the third quarter, DEWA served 1,143,153 customers, representing a 4.89 per cent increase from the same period last year. It also added 17,032 new customers since Q2 2022.

“These record results are a testament to our steadfast focus on delivering our strategic priorities