Dubai, United Arab Emirates:
Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s unique electrical energy and water companies supplier, which is listed on the Dubai Financial Market (DFM), has reported its third quarter 2022 monetary outcomes, recording quarterly income of AED 8.55 bn and internet profit of AED 3.17 bn. Year to date, DEWA’s income is AED 20.63 bn and internet profit is AED 6.47 bn.
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Dubai Electricity and Water Authority PJSC 9M-2022 profit rises 21% to AED 6.47 billion (Graphic: AETOSWire)
Demand pushed strong monetary efficiency
DEWA’s first 9 month income enhance of 15% to AED 20.63 bn was primarily pushed by a rise in demand and a transition to normalized tariff construction. Energy demand in Dubai in the course of the first 9 months of 2022 elevated by 5% in contrast to the identical interval in 2021. Similarly, water demand in the identical interval grew by 6.4%.
“In line with the vision of the wise leadership to strengthen Dubai’s position as a leading global financial and economic hub we achieved a profit for the first 9 months of 2022 which is nearly at par with our full year net profit of 2021. These record results are a testament to our steadfast focus on delivering our strategic priorities of sustainable and innovative growth. We are well positioned to deliver the best full year financial performance in our history. Moreover, we have made sustained progress towards unlocking shareholder value by paying our first dividend of AED 3.1bn in Oct, 2022, by announcing the intention to float our 70% owned subsidiary EMPOWER and by recommending the payment of a one-time special dividend of AED 2.03bn to be paid to our shareholders in December. For the financial year 2022, we expect to return AED 8.23bn in dividends to our shareholders,” stated HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.
Demand for vitality within the first 9 months of 2022 reached 40.7 TWh in contrast to 38.6 TWh within the first 9 months of 2021. Further, DEWA’s peak demand within the first 9 months of 2022 was 9.5 GW, which represents a 3.3% enhance over the identical interval of final yr.
*Source: AETOSWire
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