Dubai’s DEWA has announced annual profit of $3.2bn (AED11.1bn) for 2022 and a record end to the year.
DEWA reported its full year 2022 preliminary and unaudited consolidated financial results, recording quarterly revenue of AED6.7bn and net profit of AED 1.5bn.
For the full year, DEWA’s consolidated revenue was AED 27.4bn and net profit was AED 8bn.
DEWA profits
DEWA’s standalone net profit rose to AED 11.1bn, which includes AED4.4bn of other income.
The key drivers of this other income include AED2.3bn dividend received from EMPOWER and AED1.67bn of profit from the sale of EMPOWER shares.
For the year 2022, Dubai Electricity and Water Authority delivered on its core strategic objective, which is focused on delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimising returns for all its stakeholders whilst minimising its environmental footprint.
Dubai Electricity and Water Authority’s 2022 annual consolidated revenue increase of 15% to AED27.35bn was mainly driven by an increase in demand for electricity and water and a transition to normalised tariff structure.
Demand for power in 2022 reached 53.2 TWh compared to 50.4 TWh in 2021, representing a 5.56% increase.
Further, the authority’s peak demand in 2022 was 9.5 GW, which represents a 3.3% increase over the same period of 2021.
For the year 2022 and 2021, Dubai Electricity and Water Authority achieved peak demand in the month of July. Average customer power consumption in 2022 was higher than that of 2021.
Saeed Mohammed Al Tayer, CEO of Dubai Electricity and Water Authority, said: “In 2022, DEWA achieved record results and delivered its best financial performance and growth in its operating history.
“For the full year 2022, we delivered a consolidated net profit of AED8bn, which is an increase of 22% over the full year 2021.
“Relative to 2021, our gross profit, operating profit and net profit margins increased. For the year 2022, DEWA had promised to pay AED6.2bn in dividends.
“Instead, Dubai Electricity and Water Authority intends to pay AED9.9bn in dividends to its shareholders. The delivery of our strategy has translated into exceptional returns to our shareholders.”
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