Dubai’s DEWA reports revenue of Dhs12.7bn in H1 2023

Dubai’s DEWA reports revenue of Dhs12.7bn in H1 2023

Image credit: Dubai media Office

Dubai Electricity and Water Authority (DEWA) has reported its consolidated financial results for H1 2023.

DEWA‘s second quarter of 2023 revenue was Dhs7.3bn, while net profit was Dhs1.98bn.

For the first half of 2023, its consolidated revenue was Dhs12.7bn and net profit was Dhs2.7bn, state news agency WAM reported.

By the end of H1 2023, the company’s net cash from operating activities increased by a record Dhs837m to Dhs5.4bn, representing a 18.2 per cent increase versus the same period for the last year.

The first six month’s consolidated revenue increase of 5.4 per cent was mainly driven by an increase in demand for electricity, water, cooling services and an increase in the revenues of its other portfolio of assets. Revenue growth for electricity, water and cooling increased by 5.7 perc ent, 3.8 per cent and 4.9 per cent respectively. Meanwhile,  other portfolio of assets grew their revenue by 7.8 per cent.

During the second quarter, consolidated revenue increased by 4.1 per cent.

Demand for power in the second quarter reached 14.3 TWh compared to 14.0 TWh for the same period in 2022. DEWA’s second quarter gross heat rate for power was 8,230 BTU / kWh, which is a 4.2 per cent