Dubai – Mubasher: Dubai Electricity and Water Authority (DEWA) recorded net profits standing at AED 7.93 billion in 2023, down 1.40% from AED 8.04 billion during January-December 2022.
DEWA posted an annual rise of 7% in revenue to AED 29.23 billion during 2023, compared to AED 27.33 billion, according to the preliminary results.
Meanwhile, the earnings per share (EPS) was kept unchanged at AED 0.15 as of 31 December 2023.
Total assets amounted to AED 181.15 billion in 2023, up year-on-year (YoY) from AED 180.74 billion.
Financials for Q4
In the fourth quarter (Q4) of 2023, the revenue increased by 5.50% YoY to AED 7.10 billion, while the net profit jumped by 14.60% YoY to AED 1.80 billion.
Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, commented: “We have achieved the highest annual revenue and operating profit in DEWA’s history.”
“Our electricity generation growth of 6.10%, total installed capacity of 15.70 [gigawatts] GW with around 17% contributed by renewable sources, peak load of 10.4GW, and customer accounts exceeding 1.20 million, are the highest ever reported,” Al Tayer underlined.
He added: “I am optimistic about our operating and financial outlook for 2024 and beyond. DEWA stands ready to support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade.”
In the first nine months (9M) of 2023, DEWA recorded net profits attributable to the equityholders valued at AED 5.99 billion, an annual drop from AED 6.23 billion.
