Utilities provider says it posted net profits of $710.59mn for the same period
Dubai Electricity and Water Authority (DEWA) has announced that it has recorded revenues of $1.91bn for the second quarter of 2022.
In a statement, Dubai’s exclusive electricity and water services provider said that it posted net profits of $710.59mn for the same time period, while in H1 2022, its revenue totalled $3.28bn, and net profit was $898.4mn.
“DEWA’s half year financial results demonstrate our commitment to advancing strategic priorities of sustainability focused smart growth, enhanced customer happiness, operational excellence and attractive capital returns for our shareholders. Continued focus on project delivery, innovation and accelerating our digital transformation has bolstered our results through the first six months of 2022,” said Saeed Mohammed Al Tayer, MD and CEO of DEWA.
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The statement added that DEWA’s first half revenue increase of 15% to $3.28bn was driven by an increase in demand and a transition to a normalised tariff structure.
It pointed out that energy demand in Dubai increased during the first half of 2022 by 6.3%, compared to the same period in 2021 (23.27TWh compared to 21.9TWh). Nearly 10% of this generation came from solar. Similarly, water demand in the same period grew by 6.4%.
Peak power demand in the first half of 2022 was 9.4GW, which was a 7% increase over the same period last year. By the end of the second quarter, the authority said that it served 1,126,121 customers, representing a 5.12% increase from the same time last year.
Early in August 2022, the utility major said that smart solutions are a priority.
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 $314.18mn, while net profit was $117.6mn, representing a 16% and 11% increase respectively versus the same period in the last year.
“We maintain significant capacity to deploy capital through a disciplined investment strategy with a focus on meeting the aspirations of the Emirate of Dubai. In line with our strategy, we continue to provide a robust infrastructure to keep pace with rapid developments in Dubai and provide our services to more than a million customers according to the highest standards of availability, reliability, efficiency, and safety,” Al Tayer said.
“We continue to implement pioneering projects to diversify Dubai’s clean and renewable energy sources and achieve our wise leadership’s vision for a bright and sustainable future for generations to come,” he concluded.
In May 2022, DEWA said it had completed 98.83% of its $72.4mn project to extend Dubai’s water transmission network.