The net profit of the Dubai Water and Electricity Authority “Dewa” attributable to the company’s shareholders in the first quarter of this year increased by 34% to reach 734.5 million dirhams ($ 200 million) compared to 547.3 million dirhams ($ 149 million) in the comparable quarter of last year, according to the lists Financial sent to the Dubai Financial Market on Friday.
The authority’s quarterly revenues rose to 5.1 billion dirhams ($1.4 billion) compared to 4.4 billion dirhams ($1.2 billion) in the first quarter of 2021.
In a separate statement, the authority said that its revenues during the first quarter of the year rose by 15%, driven by the increase in consumption in various sectors, supported by the strong demand growth in the hospitality sector and commercial activities in Dubai with the easing of Corona restrictions.
Electricity services revenues increased by 17.5% during the first quarter, water revenues by 20.2% and district cooling revenues by 17.6%.
About “Dewa”
It was established in 1992 as a result of the merger of the Dubai Electricity Company and the Dubai Water Department, and it is the exclusive provider of electricity and water services in Dubai. It works on the generation, transmission, and distribution of electricity and water to consumers in the Emirate.
It owns 70% of the Emirates Central Cooling Systems Corporation (Empower), the largest provider of district cooling services.
In April 2022, 18% of the Dubai government’s shares in “Dewa” were floated on the Dubai Stock Exchange in a deal amounting to $6.1 billion, the largest in the Gulf since the initial public offering of Saudi Aramco in 2019.
(Prepared by: Shaima Hefzy, Editing: Yasmine Saleh, contact: yasmine.saleh@lseg.com)
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