Dubai Electricity and Water Authority (DEWA), a leading provider of electricity and water services in Dubai, has announced its robust financial performance for the first half of 2023. The company’s revenue for H1 2023 reached AED 12.7 billion, representing a 5.4% increase from the same period last year.
The increase in revenue was driven by rising demand for power and water, which saw a growth of 3.1% and 5.1%, respectively, in the first six months of 2023. DEWA’s net cash generated from operating activities also demonstrated strong growth, surging by 18.2% to AED 5.4 billion during the same period.
DEWA’s consolidated operating profit for H1 2023 stood at AED 3.1 billion, with a net profit of AED 2.7 billion. In the second quarter of 2023 alone, the company reported a quarterly revenue of AED 7.3 billion and a net profit of AED 1.98 billion. The company’s success is attributed to its focus on expanding its renewable energy portfolio and smart project delivery.
DEWA’s commitment to sustainability and environmental efforts resulted in improved operational efficiency, reflected in the increase in demand for power and water. During Q2 2023, power demand reached 14.3 TWh, while water demand rose to 35.3 billion imperial gallons.
DEWA’s strategic priorities, including advancing sustainable growth and enhancing customer happiness, have contributed to its impressive performance. The company’s installed generation capacity currently stands at 14.9 GW, with plans to reach a gross installed capacity of 20 GW by 2030.
“At DEWA, we continue the journey of excellence and sustainable growth guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.”
“DEWA’s continued focus on smart project delivery, innovation and accelerating digital transformation has bolstered our top-line results and our operating cash flow performance through the first six months of 2023. We are committed to advancing strategic priorities of sustainability-focused smart growth, enhanced customer happiness, globally leading operational excellence and attractive capital returns for our shareholders,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.
“In line with our strategy, we continue to maintain a robust infrastructure and services to keep pace with rapid developments in Dubai driven by the sustainable economic growth, execution of the ambitious Dubai 2040 Urban Master Plan and the associated increase in population. Today we provide world-leading services to over 1.18 million customers at the highest standards of availability, reliability, efficiency and safety, and we are committed to future-proofing the same,” added Al Tayer.
“DEWA’s strategy is focused on delivering consistent returns, upholding the highest Environmental, Social, and Governance (ESG) standards, sustainable growth and compounding of our growth value over time for our investors” noted Al Tayer.
With a strong commitment to driving environmentally conscious practices, DEWA’s partnership with Dubai GMA reflects its dedication to sustainable progress. The company’s visionary efforts align with global initiatives to combat climate change and create a greener future.