Tuesday, May 28, 2024

763 million dirhams, “Deva” net profit in the first quarter

Date:

Yesterday, the Dubai Electricity and Water Authority (DEWA) announced its financial results for the first quarter of this year, recording 5.44 billion dirhams, an increase of 7.3% compared to the same period last year, while achieving a net profit of 763 million. dirhams, a growth of 10.4%, the authority’s total revenue for the last 12 months was 27.7 billion dirhams and net profit was 8.1 billion dirhams.

Demands will increase

The increase in consolidated annual revenue for the first quarter was mainly driven by an increase in demand for electricity, water and cooling services and an increase in revenue from the authority’s other assets, the authority said in a statement. Quarterly revenue growth for electricity services was 7.2%, revenue for water services was up 7.0%, cooling services was up 4.6% and revenue from the authority’s other assets was up 11.2%.

Energy

The volume of energy demand reached 9.66 TWh in the first quarter of this year, compared to 9.17 TWh in the same period in 2022, an increase of 5.3%.

The average energy consumption of customers in the first quarter of 2023 was higher than the average energy consumption in the same period in 2022.

Water

In the first quarter of this year, demand for water reached 32.3 billion imperial gallons, compared to 30.4 billion gallons last year, a growth of 6.25%.

Average water consumption by customers in the first quarter of this year was higher than the average consumption during the same period in 2022.

Dealers

At the end of the first quarter of 2023, DEWA provided its services to 1,169,713 customers, an increase of 12,212 customers compared to the last quarter of last year and 51,22 customers compared to the first quarter of last year.

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hope

“The authority’s results for the first quarter of 2023 exceeded our expectations, reflecting the strong growth witnessed by the Emirate of Dubai,” said Saeed Mohammed Al Dyer, Managing Director and CEO of Dubai Electricity and Water Authority.

He added, “We are all confident and optimistic about DEWA’s operational and financial performance in 2023 and beyond, as the Authority’s strategy focuses on achieving sustainable returns, sustaining growth and doubling the value of growth in the future. The fundamental value proposition for the Authority’s stakeholders.”

to support

Al Dyer stressed, “The Authority’s efforts support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade, as our strategies, growth pillars and capital commitments are well positioned to achieve our ambitions. Within the framework of the Dubai Clean Energy Strategy for the energy transition field.” 2050 and the Carbon Neutrality Strategy for the Emirate of Dubai 2050, the Authority’s portfolio of exclusive services and products while meeting strong demand to deliver 100% of its energy generation capacity from clean energy sources by 2050.

5.44

Billions of dirhams, commission revenue within 3 months.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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