“Dewa” for Arabic: Distributing profits of 3.1 billion dirhams for the first half in October 2023

The Managing Director and CEO of Dubai Electricity and Water Authority “Dewa” Saeed Al Tayer said in an interview with “Al Arabiya” that seasonal factors affect the results of “Dewa” during the seasons of the year.

Al Tayer explained that the second and third quarters are witnessing an increase in the demand for energy with the rise in temperatures, which raises the growth in demand for DEWA services.

He added that the results of the first quarter of 2023 exceeded expectations, which reflects the strong growth of Dubai, noting that the consolidated revenues for electricity and water services increased by 7.3% to reach 5.4 billion dirhams, driven by an increase in demand for energy, water and cooling services.

And he indicated that revenues from electricity services increased by 7.2%, water services by 7%, cooling services by 4.6%, and revenues from the authority’s other assets portfolio grew by 11% during the first quarter of 2023.

He stated that the demand for electricity increased by 5.3% to 9.6 TWh, compared to 9.17 TWh in the comparative quarter a year ago, while the demand for water increased to 32 billion gallons in the first quarter of 2023, compared to about 30.4 billion gallons in the comparative quarter of 2022. , up 6.25% year on year.

He continued: “The increase in DEWA services is driven by the growth of the number of residents and visitors, as the number of customers increased in the first quarter to 1.169 million customers, and the authority’s portfolio of assets amounted to 180 billion dirhams.”

With regard to the dividend policy, Al Tayer said that DEWA’s dividend distribution plan includes annual dividends of 6.2 billion dirhams, paid semi-annually in October and April.

“I expect to distribute profits of 3.1 billion dirhams for the first half of 2023, next October,” according to Al Tayer.

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