RIYADH: The Dubai Electricity and Water Authority recorded a net profit of 691 million dirhams ($188.13 million) and revenues of 5.06 billion dirhams in the first quarter of 2022.
The first quarter revenues increased by 15 percent, driven by an increase in consumption across all sectors and the transition to a normalized tariff structure in the beginning of this year, a statement showed.
A rise in hospitality and commercial activities in Dubai amid ease of pandemic restrictions globally has contributed to the robust demand growth.
“The strong first quarterly result is a testament to our resilient operating business model and continues a track record of consistent growth. We have ample liquidity on our Balance sheet to allow us to pursue growth opportunities,” DEWA Managing Director and CEO Saeed Mohammed Al Tayer said.
Electricity revenue grew by 17.5 percent in the first quarter of 2022, compared to the previous year, while water revenue grew by 20.2 percent and district cooling revenue grew by 17.6 percent.
DEWA’s consolidated gross fixed assets grew by 2.8 billion dirhams to 204.2 billion dirhams as on March 31, 2022 compared to 201.4 billion dirhams on December 31, 2021.
“DEWA will continue to make disciplined capital investments, achieving cost savings while growing our footprint and maintaining a high level of safety, quality and customer happiness. We are committed to creating incremental shareholder value and to providing dividend visibility to our shareholders,” Al Tayer said.
DEWA currently provides its services to 3.5 million Dubai residents, and the Emirate’s active daytime population of over 4.7 million, according to the statement.
Those numbers are expected to grow to 5.8 million and 7.8 million respectively by 2040.
An interim dividend payment of 3.1 billion dirhams is scheduled to be paid in October 2022, DEWA said.