Dubai: Dubai Electricity and Water Authority (DEWA) reported consolidated revenue of Dh5.44 billion (up 7.3 per cent) and net profit of Dh763 million (up 10.4 per cent) for the first quarter of 2023.
For the last twelve months, the utility’s consolidated revenue was Dh27.7 billion and net profit was Dh8.1 billion.
The revenue increase was mainly driven by an increase in demand for electricity, water, and cooling services as well as an increase in the revenues of DEWA’s other portfolio of assets. Quarterly revenue growth for electricity, water and cooling services increased by 7.2 per cent, 7 per cent and 4.6 per cent, respectively. DEWA’s other portfolio of assets grew their revenue by 11.2 per cent.
“Our reported results for the first quarter of 2023 have exceeded our expectations, reflecting the robust growth of Dubai. Looking ahead, I reiterate our optimism about our operating and financial performance for 2023 and beyond. DEWA’s shareholder strategy is focused on delivering consistency of returns, sustainability of growth and compounding of our growth value over time, which forms the bedrock of our core value proposition to our investors,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA.
“DEWA’s efforts support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade. Our strategies, 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% of the energy production capacity from clean energy sources by 2050, while supporting the strong demand for our exclusive portfolio of products and services.”
Demand for power in the first quarter reached 9.66 TWh compared to 9.17 TWh for the same period in 2022, representing a 5.3 per cent increase. Average customer power consumption in the first quarter of 2023 was higher than that of 2022. DEWA’s first quarter gross heat rate for power was 9,317 BTU / kWH, which is a 2.04 per cent improvement compared to the same period in the last year, indicating increased operational efficiency, reflecting our targeted sustainability and environmental efforts.
Demand for water in the first quarter of 2023 reached 32.3 billion imperial gallons compared to 30.4 billion imperial gallons in Q1, 2022, a 6.25 per cent increase. Average customer water consumption in the first quarter of 2023 was higher than that of 2022. By the end of the first quarter of 2023, DEWA served 1,169,713 customers, representing an increase of 12,212 customers from the fourth quarter of 2022, and an increase of 51,022 customers from the first quarter of 2022.
