Dubai DEWA’s consolidated profit rises 10% to $208mln in Q1 2023
Utility provider Dubai Electricity and Water Authority (DEWA) reported a consolidated net profit of 763 million UAE dirhams ($207.78 million), up 10.4% year-on-year (yoy), in the first quarter of 2023.
The first-quarter consolidated revenue rose 7.3% year-on-year to AED 5.44 billion, fuelled by higher demand for electricity, water, and cooling services, the company said in a regulatory statement on the Dubai Financial Market (DFM) on Monday.
Quarterly revenue growth for electricity, water and cooling services rose by 7.2%, 7.0% and 4.6%, respectively.
“Our reported results for the first quarter of 2023 have exceeded our expectations, reflecting the robust growth of Dubai,” Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, said, reiterating optimism on the company’s operating and financial performance for 2023 and beyond.
DEWA plans to have a gross installed capacity of 20 GW and 730 MIGD of desalinated water by the end of 2030, the statement added.
In April, DEWA said shareholders approved the payment of total dividends of 4.77 billion dirhams with a record date of April 20, 2023.
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