UAE Business: DEWA revenues hit $1.91bn in Q2; profits $710m – Gulf Digital News

UAE Business: DEWA revenues hit $1.91bn in Q2; profits $710m – Gulf Digital News

Dubai Electricity and Water Authority (DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, recorded a revenue of AED7.01 billion ($1.91 billion) for the second quarter (Q2).

DEWA said it posted a net profit of AED2.61 billion ($710.59 million) for the period.

For the first half 2022, DEWA’s revenue totalled AED12.08 billion and net profit AED3.30 billion.

Robust financial performance

DEWA’s first half revenue increase of 15% to AED12.08 billion was mainly driven by an increase in demand and a transition to normalised tariff structure, it said.

Energy demand in Dubai during the first half of 2022 increased by 6.3% compared to the same period in 2021 (23.27 TWh compared to 21.9 TWh). Nearly 10% of this generation is from solar.

Similarly, water demand in the same period grew by 6.4%.

DEWA’s peak power demand in the first half of 2022 was 9.4 GW, which represents a 7% increase over the same period of last year.

By the end of the second quarter, DEWA served 1,126,121 customers, representing a 5.12% increase from the same time last year.

DEWA’s majority owned subsidiary, Empower, also demonstrated record growth in segmented revenue and profit. In the first half of the year, Empower's revenue was AED1,154 million net profit was AED432