DEWA’s second-quarter net profit rises 40%

UAE’s growing energy demand boosted DEWA profits
DEWA’s second-quarter net profit rises 40%
DEWA profits

Dubai Electricity and Water Authority (DEWA) announced a 40 percent increase in net profit for Q2, with higher revenues due to increased energy demand in the emirate.

DEWA said in a statement today, Thursday, addressed to the Dubai Financial Market where its shares are traded, that the net profit attributable to the owners of the company for the three months until the end of June jumped to 2.41 billion dirhams ($654 million).

Revenues increased from April to June by more than 14% to reach 7 billion dirhams.

During the first six months of the year, DEWA’s net income rose nearly 39 percent year-on-year to 3.14 billion dirhams. Revenues in the mentioned period increased by 15 percent on an annual basis to reach 12.08 billion dirhams.

Saeed Al Tayer, Managing Director and CEO of DEWA, ​​said: “The continued focus on project delivery, innovation, and acceleration of our digital transformation boosted our results during the first six months of 2022.”

“We maintain a significant ability to deploy capital through a disciplined investment strategy with a focus on meeting the aspirations of the Emirate of Dubai.”

In April, DEWA raised 22.3 billion dirhams from the largest initial public offering in Europe and the Middle East in more than two years. The Dubai government-owned authority sold 9 billion shares at a price of 2.48 dirhams per share, the highest level in the offering price range, which ranged from 2.25 dirhams to 2.48 dirhams per share.

DEWA expects to pay at least 6.2 billion dirhams in profits annually over the next five years. It intends to pay dividends twice in each financial year during the months of April and October, and the first payment of dividends in the amount of 3.1 billion dirhams is scheduled to be distributed in October 2022.