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DEWA unveils AED 5.99bn profits in 9M-23, highest quarterly revenues

DEWA unveils AED 5.99bn profits in 9M-23, highest quarterly revenues
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Dubai – Mubasher: The net profits attributable to the owners of Dubai Electricity and Water Authority (DEWA) stood at AED 5.99 billion in the first nine months (9M) of 2023, versus AED 6.23 billion in 9M-22.

Basic earnings per share (EPS) retreated to AED 0.120 in 9M-23 from AED 0.125 a year earlier, according to the consolidated interim income statements.

The revenues amounted to AED 22.16 billion in the January-September 2023 period, up 7.40% year-on-year (YoY) from AED 20.62 billion.

Total assets hiked to AED 183.49 billion in 9M-23 from AED 180.71 billion as of 31 December 2022.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, DEWA posted higher net profits attributable to the equityholders at AED 3.32 billion, versus AED 3.08 billion in the year-ago period.

Revenues climbed by 10.20% to AED 9.42 billion in Q3-23 from AED 8.55 billion in Q3-22, while the EPS went up to AED 0.067 from AED 0.062.

Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, commented: “We have achieved the highest quarterly revenue, operating profit, [earnings before interest, taxes, depreciation, and amortisation] EBITDA and net profit in DEWA’s history with an outstanding 9.90% growth in our EBITDA.”

“Our gross infrastructure investment exceeds AED 215 billion, and our year-to-date carbon emissions reduction has exceeded 3 million tonnes,” Al Tayer noted.

He added: “The profit from this quarter alone is sufficient to meet our dividend obligations for the second half (H2) of 2023.”

In the six-month period that ended on 30 June 2023, DEWA registered AED 2.67 billion in net profit attributable to the shareholders to AED 2.67 billion, compared to AED 3.14 billion in H1-22.