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Dewa reports record revenues:Dubai Electricity and Water Authority (Dewa) saw its revenues climb 7% y-o-y, to AED 29.9 bn, logging its highest-ever net revenues amid increased demand, according to the company’s preliminary financial results (pdf). The utility provider’s net income inched down 1.4% y-o-y in 2023 to AED 7.9 bn.
On a 4Q basis: Dewa’s net income jumped 14.6% y-o-y in 4Q 2023 to AED 1.8 bn, while revenues increased during the quarter to AED 7.1 bn, up 5.5% y-o-y.
Growth drivers: The increase in the company’s revenues was attributed to a rise in demand for electricity, water and cooling services. Power demand increased 6.3% to 56.5 TWh in 2023. Clean energy generated by the company also rose 32.7% to 6.2 TWh accounting for 11% of the company’s total power generation this year. Demand for desalinated water also rose 5.2% in 2023.
Dewa’s best year: “Our electricity generation growth of 6.1%, total installed capacity of 15.7 GW with around 17% contributed by renewable sources, peak load of 10.4 GW and customer accounts exceeding 1.2 mn, are the highest ever reported,” Dewa’s CEO and managing director Saeed Al Tayer said.
