Dubai:
The Dubai Electricity and Water Authority (DewaA) witnessed a 6 per cent increase in net profit last year, the state utility reported. Net profit rose to Dh4.65 billion from Dh4.37 billion in 2011.
Operating profits totalled Dh7.5 billion in 2012, an increase from Dh7.4 billion the year before. Also, sales revenue was up seven per cent from 2011.
“We reduced interest costs during the year and also brought down the level of debt,” stated a directors’ report, posted on the Nasdaq Dubai bourse.
Dewa recorded a net debt of Dh20.6 billion last year, down from Dh22.9 billion during the same time the year before. Out of the debt figure, Dh4.23 billion is expected to be repaid this year.
The Dubai government is due to receive Dh500 million from a dividend payment approved by Dewa’s board of directors.
