DEWA achieves phenomenal financial results in Q1, 2023
Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), has today reported its first quarter 2023 consolidated financial results, recording quarterly revenue of AED 5.44 billion and net profit of AED 763 million. For the last twelve months, DEWA’s consolidated revenue was AED 27.7 billion and net profit was AED 8.1 billion.
DEWA’s first quarter consolidated revenue increase of 7.3 percent to AED 5.44 billion was mainly driven by an increase in demand for electricity, water, and cooling services as well as an increase in the revenues of DEWA’s other portfolio of assets.
Quarterly revenue growth for electricity, water and cooling services increased by 7.2 percent, 7.0 percent and 4.6 percent respectively. DEWA’s other portfolio of assets grew their revenue by 11.2 percent.
Demand for power in the first quarter reached 9.66 TWh compared to 9.17 TWh for the same period in 2022, representing a 5.3 percent increase. Average customer power consumption in the first quarter of 2023 was higher than that of 2022.
DEWA’s first quarter gross heat rate for power was 9,317 BTU / kWH, which is a 2.04 percent improvement compared to the same period in the last year, indicating increased operational efficiency, reflecting our targeted sustainability and environmental efforts.
Demand for water in the first quarter of 2023 reached 32.3 billion imperial gallons (BIG) compared to 30.4 BIG in Q1, 2022, representing a 6.25 percent increase. Average customer water consumption in the first quarter of 2023 was higher than that of 2022.
By the end of the first quarter of 2023, DEWA served 1,169,713 customers, representing an increase of 12,212 customers from the fourth quarter of 2022, and an increase of 51,022 customers from the first quarter of 2022.
“At DEWA, we continue the journey of excellence and sustainable growth guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the United Arab Emirates. Our reported results for the first quarter of 2023 have exceeded our expectations, reflecting the robust growth of Dubai. Looking ahead, I reiterate our optimism about our operating and financial performance for 2023 and beyond. DEWA’s shareholder strategy is focused on delivering consistency of returns, sustainability of growth and compounding of our growth value over time, which forms the bedrock of our core value proposition to our investors,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA.
“DEWA’s efforts support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade. Our strategies, 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 provide 100 percent of the energy production capacity from clean energy sources by 2050, while supporting the strong demand for our exclusive portfolio of products and services,” added Al Tayer.
By the end of the first quarter of 2023, DEWA commissioned four 132 kV substations, and three 33kV substations. DEWA has now deployed 1,129,816 smart electricity meters (up by 21,286 from December 2022) and 1,010,924 smart water meters (up by 14,007 from December 2022).
Over the 1st quarter of 2023, DEWA added 100 MW of solar capacity. The company’s installed generation capacity at the end of the 1st quarter stands at 14.6 GW with 2.1 GW of this capacity from renewable energy.
DEWA’s H Station at Al Aweer has reached a project progress of 95.49 percent, while the Hatta pumped storage hydroelectric power plant has reached a project progress of 65.2 percent.
The company’s installed desalinated water production capacity at the end of the 1st quarter is unchanged at 490 MIGD.
By the end of 2030, DEWA plans to have gross installed capacity of 20 GW and 730 MIGD of desalinated water. Of this 20 GW, DEWA plans to have 5 GW of installed renewable capacity, representing 25 percent production from renewable sources. The additional 240 MIGD of desalination capacity will be achieved using reverse osmosis technology.
DEWA excels in Q1 2023 with numerous awards, including the Great Place to Work Certificate, Leadership of the Year Award, Hydrogen Project of the Year Award, Research and Innovation Award, LinkedIn Learning Talent Awards, and 19th Annual Globee Cybersecurity International Award. Additionally, DEWA establishes Disruptive Labs for Innovation and Future Shaping at Al Hudaiba building.