The Dubai Electricity and Water Authority (Dewa) has obtained Dh29.2 billion in revenue in 2023, the highest in the company’s history. Despite the achievement, the net profit came to Dh7.1 billion, lower by 1.4% compared to the results of 2022.
The Dubai utility services provider recorded a 14.6% increase in its fourth-quarter profit, reaching Dh1.8 billion. The growth was boosted by higher demand for electricity, water and cooling services amid continued growth momentum in the emirate.
The company is set to pay a dividend of AED 3.1 billion for H2, 2023 in April.
DEWA’s positive results have been driven by the continued growth in population Dubai has recorded over the last few years. The emirate added 100,240 residents in 2023. The city currently has more than 3.65 million residents, as per the Dubai Statistics Centre.
As a result, the company increased its customer base by 4.7% to over 1.2 million customers.
The total power generation for the year was 56-terawatt hour (TWh), the company said, up 6%. DEWA generated 6.2 TWh of clean power in 2023, a 33% increase YoY and accounted for 11% of the total power generated in 2023.
“We achieved the highest annual revenue and operating profit (Dh8.8 billion) in DEWA’s history,” said Saeed Mohammed Al Tayer, Managing Director and CEO. “Our electricity generation growth of 6.1%, total installed capacity of 15.7GW with around 17% contributed by renewable sources, peak load of 10.4GW and customer accounts exceeding 1.2 million, are the highest ever reported.”
The company’s revenue rose 5.5% annually to Dh7.1 billion.
Dewa said it added 11,163 customers in the fourth quarter, with total customers exceeding 1.2 million.