Dubai: The Dubai utility giant DEWA recorded its highest ever quarterly revenues and net profit during the July to September phase, with revenues at Dh9.4 billion and up 10.2 per cent.
And even after a doubling in finance costs, DEWA’s third-quarter net profit exceeded the total from last year by an impressive 6.9 per cent to Dh4.3 billion. "The profit from this quarter alone is sufficient to meet our dividend obligations for the second-half of 2023,” said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA.
The Q3 numbers coincides with the peak summer usage as well as the capacity increases DEWA brought on. Total power generation reached 18.897 TWh, a growth of around 8.8 per cent from a year ago. Its total green energy generation during the quarter was 1.626 TWh, a 29.9 per cent increase.
By end September, DEWA customer numbers were just over 1.2 million.
All numbers point higher
"Our electricity generation growth of 8.8 per cent, gross installed capacity of 15.1 GW with 17 per cent of which is coming from renewable sources, peak load of 10.4GW, customer accounts exceeding 1.2 million, are the highest ever reported," said Al Tayer.
"Today, our gross infrastructure investment exceeds Dh215 billion, and our year-to-date carbon emissions reduction has exceeded 3 million tons."
And then there was the 'robust' quarterly peak load water demand growth of 4.9 per cent to 433 MIGD.
Over the first nine months, DEWA’s consolidated revenue hit the Dh22.2 billion mark, which delivered an operating profit of Dh6.9 billion. The company’s net cash from operating activities shot up by Dh754 million to Dh9.8 billion, which is an 8.3 per cent increase from last year.
The net profit for the period showed a drop to Dh7 billion from Dh10 billion a year ago.
On October 26, DEWA distributed Dh3.1 billion as dividend for H1-23, based on a record date of October 18.
The upcoming dividend of Dh3.1 billion for H2-23 is to be distributed in April 2024.