DEWA profit jumps 11.7% to Dh7.63 billion as Dubai electricity demand rises

Dubai: Dubai Electricity and Water Authority (DEWA), on Thursday., reported an 11.7 per cent increase in nine-month profit after tax to Dh7.63 billion, as revenue from electricity, water and other businesses grew amid rising demand for essential utility services across the emirate.

The DFM-listed utility recorded revenue of Dh25.74 billion for the first nine months of 2026, up 3.3 per cent from Dh24.92 billion in the corresponding period last year.

EBITDA rose 2.1 per cent to Dh13.43 billion, while operating profit increased 2.3 per cent to Dh8.52 billion. Cash generated from operations stood at Dh14.59 billion.

DEWA said it had achieved its highest-ever nine-month revenue and profit after tax.

The third quarter also delivered higher earnings, with revenue increasing 5.4 per cent year on year to Dh10.87 billion and profit after tax climbing 9.2 per cent to Dh4.30 billion.

"These results reflect the resilience of our business model, the efficiency of our operations and our ability to create sustainable long-term value for shareholders, while supporting Dubai's economic growth and development," said Saeed Mohammed Al Tayer, DEWA's vice-chairman and managing director and chief executive in a statement.

"Our operational performance was equally strong. In the third quarter, gross electricity generation reached 21.37 TWh, with clean energy contributing 3.22 TWh, an increase of approximately 16.3 per cent year on year."

Dubai's growing electricity requirements were reflected in DEWA's third-quarter generation figures.

Gross electricity generation increased 4.13 per cent year on year to 21.37 terawatt hours (TWh), compared with 20.53 TWh in the third quarter of 2025.

Peak electricity demand reached 11.682 gigawatts (GW), up 2.55 per cent from a year earlier.

The utility also reported an improvement in its gross heat rate, which measures how efficiently fuel is converted into electricity. The figure improved 4.89 per cent to 7,268 British thermal units per kilowatt hour (BTU/kWh).

The increase in electricity demand comes as Dubai's residential, commercial and infrastructure base continues to expand.

DEWA had 1,380,844 customer accounts as of September 30, 2026, an increase of nearly 72,000, or 5.5 per cent, compared with the same period last year.

Clean energy generation reached 3.22 TWh in the third quarter, compared with 2.77 TWh in the same period last year, representing growth of approximately 16.3 per cent.

Clean sources accounted for 15.1 per cent of DEWA's total gross electricity generation during the quarter.

As of September 30, 2026, DEWA had installed electricity generation capacity of 19,029 megawatts (MW), including 4,910 MW of clean energy capacity.

The Mohammed bin Rashid Al Maktoum Solar Park accounted for 4,660 MW of installed generation capacity, while the Hatta pumped-storage hydroelectric power plant contributed 250 MW.

DEWA plans to increase its installed electricity generation capacity to more than 23 GW by the end of 2030. Around 8.3 GW of the planned capacity is expected to come from renewable energy sources.

The utility said it would continue investing in renewable energy, infrastructure and operational efficiency to meet Dubai's future electricity requirements.

DEWA produced 43.99 billion imperial gallons of desalinated water during the third quarter of 2026.

Peak daily water demand reached 483 million imperial gallons.

Installed desalinated water production capacity stood at 615 million imperial gallons per day (MIGD) as of September 30, compared with 495 MIGD in the third quarter of 2025.

DEWA plans to increase this capacity to 735 MIGD by the end of 2030.

Of the planned additional capacity, 308 MIGD is expected to come from seawater reverse osmosis technology powered by renewable energy.

The utility currently operates desalination facilities at Jebel Ali, Palm Jumeirah and Hassyan, among other locations.

DEWA distributed Dh3.1 billion in dividends to shareholders on October 28, 2026, covering the first half of this year.

The company had also paid Dh3.1 billion on April 20, 2026, in respect of the second half of 2025.

Under its dividend policy, DEWA expects to pay a minimum annual dividend of Dh6.2 billion during the first five years starting October 2022, with payments made twice a year in April and October.

The next dividend payment, covering the second half of 2026, is scheduled for April 2027, subject to the necessary approvals.