Dubai – Mubasher: Dubai Electricity and Water Authority (DEWA) announced consolidated net profits worth AED 7.96 billion in 2022, an annual increase of 22% from AED 6.55 billion.

The earnings per share (EPS) stood at AED 0.15 last year, compared with AED 0.12 in 2021, according to the financial results.

The consolidated revenues soared by 15% year-on-year (YoY) to AED 27.35 billion in 2022 from AED 23.82 billion.

Furthermore, DEWA’s total assets surged to AED 180.94 billion at the end of December 2022, compared to AED 169.40 billion as of 31 December 2021.

Full-Year Standalone Income Statements

As for the non-consolidated financial results of DEWA, the authority witnessed a YoY leap of 101% in net profit to AED 11.06 billion in 2022 from AED 5.49 billion.

The standalone EPS rose to AED 0.22 last year, compared to AED 0.11 in 2021.

The revenues also grew by 16% on an annual basis, reaching AED 25.16 billion during January-December 2022 from AED 21.74 billion.

DEWA’s total non-consolidated assets increased to AED 146.94 billion in 2022 from AED 141.61 billion in 2021.

Consolidated Financial Results for Q4

During the fourth quarter (Q4) of 2022, the UAE authority generated net profits worth AED 1.49 billion, a YoY jump of 25% from AED 1.19 billion.

The revenues also rose by 15% to AED 6.77 billion in Q4-22, compared with AED 5.87 billion in Q4-21.

The EPS also went up by 27% to AED 0.028 during October-December 2022 from AED 0.022 in the year-ago period

Dividends

The board members of DEWA endorsed paying one-time special dividends worth AED 1.67 billion, equivalent to 3.34 fils per share and subject to the shareholders’ approval during April meeting.

For the full year 2022, the authority raised its total dividend disbursement to AED 9.90 billion, compared to the previously promised AED 6.20 billion payout. The amended amount represents a 60% increase from the company’s minimum annual dividend policy.

In April 2022, DEWA was listed as a public company on the Dubai Financial Market (DFM), marking the largest initial public offering (IPO) in the UAE and the biggest utility IPO globally since 2008.

Managing Director and CEO of DEWA, Saeed Mohammed Al Tayer, said: “In 2022, DEWA achieved record results and delivered its best financial performance and growth in its operating history.”

Outlook

The top official of DEWA added: “Our strategy, growth pillars and capital commitments are well positioned to deliver on our energy transition ambitions to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to Page 3 of 7 provide 100% of the energy production capacity from clean energy sources by 2050, while supporting the strong demand for our exclusive portfolio of products and services in Dubai.”

During the first nine months (9M) of 2022, the entity registered net profits attributable to the owners worth AED 6.23 billion, higher than AED 5.01 billion in 9M-21.