Dubai Electricity & Water Authority (DEWA) reported a first-quarter profit of AED497.8 million ($135.5 million), a 23 percent decrease compared to the previous year and below the estimated AED811.2 million ($220.9 million). Revenue for the quarter increased by 2.8 percent year-over-year to AED5.96 billion ($1.6 billion), although this was lower than the forecasted AED6.12 billion ($1.66 billion).
The operating profit was AED838.2 million, down 16 percent from the previous year and not meeting the estimated AED1.21 billion.
Finance costs decreased by 19 percent year-over-year to AED427.6 million.
Earnings per share (EPS) dropped to AED0.0100 from AED0.0130 compared to the previous year, according to a statement.
DEWA reported a first-quarter comprehensive loss of AED506.6 million, which included a 1Q effective portion of cash flow hedges changes in derivative financial instruments’ fair value, resulting in a loss of AED431 million compared to a gain of AED633 million the previous year.
Market analysts’ recommendations for DEWA include 8 buys, 3 holds, and no sells.
Committed to net zero 2050
“DEWA is committed to be an innovative and sustainable corporation inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, and Chairman of The Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. Under their guidance, we are progressing in our journey to Net Zero by 2050 and will continue to play a decisive role in Dubai’s rapid progress,” said HE Saeed Mohammed Al Tayer, vice chairman and MD & CEO of DEWA.
With consistent growth in demand for electricity, water and cooling services, our revenue grew by 2.83 percent to AED5.96 billion in the quarter and more notably our net cash flow from operations grew to AED3.85 billion, which is 17.86 percent higher than the amount in the same period of the previous year. Our financials reflect a healthy operating profit of AED838 million in the quarter, and an EBITDA of AED2.43 billion. We invested AED2.26 billion in infrastructure during the quarter, mainly related to our energy transition strategy. By 2030 we expect total installed generation capacity to reach 22 GW, out of which 7.5 GW, representing 34 percent of generation mix, will be sourced from clean energy sources, up from the original target of 25 percent. Overall, we are confident of continuing to deliver results exceeding our historical performance, which will translate into long term value creation for our shareholders,” added Al Tayer.
Read more: DEWA achieves 43.61 percent efficiency increase, 104 million tons CO2 reduction
World’s first AI-native utility
In March 2025, DEWA launched a strategic roadmap to become the world’s first AI-native utility, integrating artificial intelligence across all core operations. The initiative aligns with the UAE’s vision for AI leadership. The framework aims to enhance productivity, efficiency, innovation, and creativity throughout the organization. DEWA plans to empower its workforce with AI training through partnerships with tech companies like Microsoft and IBM. The company already utilizes AI-driven applications such as Rammas at Work and enhancements to the Khadamatech e-services portal, serving as a foundation for this broader transformation.
