DEWA's operational numbers reached for new highs over 2023. In tandem, the utility company's investments on alt-energy continues. Image Credit: Supplied

Dubai: The Dubai utility services provider DEWA’s 2023 revenues are Dh29.2 billion – its highest ever – while the net profit came to Dh7.1billion, lower by 1.4 per cent.

The company stated policy on dividend is to pay a minimum annual one of Dh6.2 billion for the first five years starting October 2022. The dividends are paid semi-annually in April and October.

In October last, 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 the second-half is to be distributed in April. "We achieved the highest annual revenue and operating profit (Dh8.8 billion) in DEWA’s history," said Saeed Mohammed Al Tayer, Managing Director and CEO.

"Our electricity generation growth of 6.1 per cent, total installed capacity of 15.7GW with around 17 per cent contributed by renewable sources, peak load of 10.4GW and customer accounts exceeding 1.2 million, are the highest ever reported."

As of end-2023, 2023, DEWA's customer base was 1.21 million, having added 53,974 new accounts over the year—a 4.66 per cent increase. (DEWA hit a global milestone by recording the lowest 'electricity customer minutes lost' during 2023 - at 1.06 minutes per customer and surpassing its previous record of 1.19 minutes per customer in 2022.)

2024 chances

“I am optimistic about our operating and financial outlook for 2024 and beyond," said Al Tayer. "DEWA stands ready to support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade.

“DEWA’s shareholder strategy is centred on long-term value creation through steadfast stewardship, strategic infrastructure investment and a commitment to continuous innovation."