Dubai Electricity and Water Authority (DEWA) reported revenue of AED7.3 billion in the second quarter of 2023.
The company’s net profit in the latest quarter was AED1.98 billion.
For the first half of 2023, Authority’s consolidated revenue was AED12.7 billion and net profit was AED2.7 billion.
The company said the rise in its first six-month consolidated revenue was mainly driven by an increase in demand for electricity, water, cooling services and an increase in the revenues of DEWA’s other portfolio of assets.
Revenue growth for electricity, water and cooling increased by 5.7 percent, 3.8 percent and 4.9 percent respectively.
The Authority’s other portfolio of assets grew their revenue by 7.8 percent.
The company said by the end of the second quarter of 2023, it is serving 1,184,711 customer accounts, representing an increase of 14,998 customer accounts from the first quarter of 2023.
Compared to the first half of 2022, DEWA’s first half of 2023 net profit was impacted as a result of an increase in net finance costs, and depreciation.
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