DEWA posts jump in Q1-23 net profits; revenues hit AED 5.43bn

DEWA posts jump in Q1-23 net profits; revenues hit AED 5.43bn

Dubai – Mubasher: The net profits attributable to the owners of Dubai Electricity and Water Authority (DEWA) hit AED 743.76 million in the first quarter (Q1) of 2023, an annual rise from AED 734.51 million.

According to the consolidated interim financial results, the revenues grew by 7.30% year-on-year (YoY) to AED 5.43 billion as of 31 March 2023 from AED 5.06 billion.

Basic and diluted earnings per share (EPS) stood at AED 0.015 during Q1-23, unchanged from Q1-22.

DEWA reported total assets valued at AED 180.18 billion in the January-March 2023 period, compared to AED 180.74 billion as of 31 December 2022.

Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, commented: “Our reported results for the Q1-23 have exceeded our expectations, reflecting the robust growth of Dubai. Looking ahead, I reiterate our optimism about our operating and financial performance for 2023 and beyond.”

“DEWA’s shareholder strategy is focused on delivering consistency of returns, sustainability of growth, and compounding of our growth value over time, which forms the bedrock of our core value proposition to our investors,” Al Tayer continued.

Last year, the DFM-listed firm recorded consolidated net profits worth AED 7.96 billion, up 22% from AED 6.55 billion in 2021.