Dubai’s DEWA reported a record-breaking year and an annual profit of $3.2 billion (AED11.1 billion) for 2022. DEWA announced its preliminary and unaudited consolidated financial figures for the full year 2022, reporting AED 6.7 billion in sales and AED 1.5 billion in net profit for the quarter.
DEWA’s consolidated revenue for the entire year was AED 27.4 billion, while its net profit was AED 8 billion. DEWA’s independent net profit increased to AED 11.1 billion, including AED 4.4 billion in other revenue.
The AED2.3 billion dividend from EMPOWER and the AED1.67 billion profit from the sale of EMPOWER shares are the main contributors to this other income. DEWA achieved its primary strategic goal for the year 2022, which was to produce sustainable growth, maintain a leading position in operational excellence and maximise returns and minimal environmental footprint.
An increase in the demand for electricity and water as well as the transition to a normalised pricing structure were the key factors in the Dubai Electricity and Water Authority’s 2022 annual consolidated revenue growth of 15% to AED27.35 billion.
Saeed Mohammed Al Tayer, CEO of Dubai Electricity and Water Authority, said: “In 2022, DEWA achieved record results and delivered its best financial performance and growth in its operating history. For the full year 2022, we delivered a consolidated net profit of AED8bn, which is an increase of 22% over the full year 2021. Relative to 2021, our gross profit, operating profit and net profit margins increased. For the year 2022, DEWA had promised to pay AED6.2bn in dividends. Instead, Dubai Electricity and Water Authority intend to pay AED9.9bn in dividends to its shareholders. The delivery of our strategy has translated into exceptional returns to our shareholders.”
The demand for electricity increased by 5.56% from 50.4 TWh in 2021 to 53.2 TWh in 2022. In addition, the authority’s peak demand in 2022 was 9.5 GW, an increase of 3.3% from the same time in 2021.
The peak demand for the years 2022 and 2021 was reached in July according to the Dubai Electricity and Water Authority. In comparison to 2021, the average customer power consumption increased in 2022.
