Dubai utility DEWA reported a consolidated revenue of Dh27.4 billion for the year ended 2022, up 15 per cent from the year-ago period, while consolidated net profit touched Dh8 billion, up 22 per cent from 2021 levels, it said on Wednesday.
DEWA will also increase its 2022 dividend payout by 60 per cent to Dh9.9 billion, compared to the Dh6.2 billion earlier promised.
For the last quarter alone, revenue stood at Dh6.7 billion and net profit Dh1.5 billion.
Standalone net profit for the utility rose to Dh11.1 billion, and included Dh4.4 billion of other income, it said.
“The key drivers of this other income include Dh2.3 billion dividend received from EMPOWER and Dh1.67 billion of profit from the sale of EMPOWER shares,” Dubai Electricity and Water Authority said in a statement.
The surge in consolidated revenue was mainly driven by an increase in demand for electricity and water and a transition to normalised tariff structure. Demand for power in 2022 reached 53.2 TWh compared to 50.4 TWh in 2021, a 5.56 per cent increase.
Demand for water in 2022 reached 136.9 billion imperial gallons compared to 128.6 imperial gallons, a 6.45 per cent increase.
By the end of 2022, DEWA served 1,157,501 customers, an increase of 14,438 customers from the third quarter of 2022. The utility added 51,089 new customers in 2022, a 4.6 per cent increase from 2021.
“Looking ahead, I am optimistic about our operating and financial outlook for 2023 and beyond. DEWA stands ready to support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade. In addition, our strategy, growth pillars and capital commitments are well positioned to deliver on our energy transition ambitions to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to provide 100 per cent of the energy production capacity from clean energy sources by 2050, while supporting the strong demand for our exclusive portfolio of products and services in Dubai,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA.
DEWA’s Board has recommended the payment of a one-time special dividend of Dh1.67 billion (3.34 fils per share), which is subject to the approval of its shareholders at an upcoming general assembly, which is intended to be held in April 2023.
Additionally, DEWA will make its second dividend payment of 6.2 fils per share (Dh3.1 billion) for H2, 2022 in April 2023 (subject to all approvals).
The utility paid a one-time special dividend of Dh2.03 billion (4.06 fils per share) in December 2022, and made its first dividend payment of Dh3.1 billion (6.2 fils per share) for H1, 2022 in October 2022.