Dubai Electricity and Water Authority PJSC announces AED 12.08 billion revenue and 3.30 billion net profit in the first half of 2022

Error message

Notice: Undefined property: stdClass::$ds_changed in eval() (line 16 of /var/www/7/modules/php/php.module(80) : eval()'d code).
Notice: Undefined property: stdClass::$ss_search_api_url in eval() (line 20 of /var/www/7/modules/php/php.module(80) : eval()'d code).
Notice: Undefined property: stdClass::$tm_title in eval() (line 20 of /var/www/7/modules/php/php.module(80) : eval()'d code).

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubais exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), today reported its second quarter 2022 financial results, recording quarterly revenue of AED 7.01 bn and net profit of AED 2.61 bn.

Metadata

Provider:

Business Wire, Inc.

Retrieved on:

Saturday, August 13, 2022

Information

Tags:

Utilities, Energy, Emirate, Multimedia, AED, Electricity, CEO, DFM, Policy, ISIN, Dubai Financial Market, EMPOWER, Dubai Electricity and Water Authority, DEWA, Water, MD, IPO, HE, Renewable energy

Geotags:

MIDDLE EAST, UNITED ARAB EMIRATES, DUBAI

Summary

Key Points:

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubais exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), today reported its second quarter 2022 financial results, recording quarterly revenue of AED 7.01 bn and net profit of AED 2.61 bn.
For the first half of 2022, DEWAs revenue is AED 12.08 bn and net profit is AED 3.30 bn.
View the full release here: https://www.businesswire.com/news/home/20220812005416/en/
Dubai Electricity and Water Authority PJSC announces AED 12.08 billion revenue and 3.30 billion net profit in the first half of 2022 (Photo: AETOSWire)
DEWAs first half revenue increase of 15% to AED 12.08 bn was mainly driven by an increase in energy and water demand in Dubai.
Revenue of DEWAs majority owned subsidiary, EMPOWER, was 1,154 million AED and net profit was 432 million AED.

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), today reported its second quarter 2022 financial results, recording quarterly revenue of AED 7.01 bn and net profit of AED 2.61 bn. For the first half of 2022, DEWA’s revenue is AED 12.08 bn and net profit is AED 3.30 bn.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220812005416/en/

Dubai Electricity and Water Authority PJSC announces AED 12.08 billion revenue and 3.30 billion net profit in the first half of 2022 (Photo: AETOSWire)

DEWA’s first half revenue increase of 15% to AED 12.08 bn was mainly driven by an increase in energy and water demand in Dubai. During the first half of 2022 energy demand increased by 6.3% and water demand by 6.4% compared to the same period in 2021.

Revenue of DEWA’s majority owned subsidiary, EMPOWER, was 1,154 million AED and net profit was 432 million AED. DEWA is reviewing the possibility of an IPO of EMPOWER.

“These financial results demonstrate our commitment to a sustainability-focused smart growth, enhancing customer happiness, operational excellence and providing an attractive return for our shareholders. We continue to implement pioneering projects to diversify Dubai’s clean and renewable energy sources and achieve our wise leadership’s vision for a bright and sustainable future for generations to come,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.

DEWA reiterates its dividend policy and expects to pay a minimum dividend of AED 6.2 billion per year over the next five years. The dividends are intended to be paid twice each fiscal year in April and October. The first dividend payment of AED 3.1 billion is expected in October 2022.

For full second quarter earnings announcement: https://www.dewa.gov.ae/en/investor-relations

or https://www.dfm.ae/en/issuers/listed-securities/securities/company-profile-page?id=DEWA

For investor relations, please contact: [email protected]

For media, please contact: [email protected]

Click HERE to download the Video.

*Source: AETOSWire

View source version on businesswire.com: https://www.businesswire.com/news/home/20220812005416/en/