Dubai Electricity And Water Authority PJSC Announces AED12.08billion Revenue And 3.30 Billion Net Profit In The First Half Of 2022
The Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), Dubai Electricity and Water Authority PJSC (DEWA)has reported its second quarter 2022 financial results, recording quarterly revenue of AED 7.01 bn (US$1.91billion)and net profit of AED 2.61 bn. For the first half of 2022, DEWA’s revenue is AED 12.08 bn and net profit is AED 3.30 bn.
DEWA’s first half revenue increase of 15 per cent to AED 12.08 bn was mainly driven by an increase in energy and water demand in Dubai. During the first half of 2022 energy demand increased by 6.3 per cent and water demand by 6.4 per cent compared to the same period in 2021.
Revenue of DEWA’s majority owned subsidiary, EMPOWER, was 1,154 million AED and net profit was 432 million AED. DEWA is reviewing the possibility of an IPO of EMPOWER.
“These financial results demonstrate our commitment to a sustainability-focused smart growth, enhancing customer happiness, operational excellence and providing an attractive return for our shareholders. We continue to implement pioneering projects to diversify Dubai’s clean and renewable energy sources and achieve our wise leadership’s vision for a bright and sustainable future for generations to come,” said MD & CEO of DEWA, HE Saeed Mohammed Al Tayer.
DEWA reiterates its dividend policy and expects to pay a minimum dividend of AED 6.2 billion per year over the next five years. The dividends are intended to be paid twice each fiscal year in April and October. The first dividend payment of AED 3.1 billion is expected in October 2022.
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