Emirates News Agency – “Deva” revenues in the first half of 12.7 billion dirhams

DUBAI, 10th August, 2020 (WAM) — DEWA, ​​the Dubai Electricity and Water Authority listed on the Dubai Financial Market, today announced its consolidated financial results.

The authority reported quarterly revenue of 7.3 billion dirhams and net profit of 1.98 billion dirhams for the second quarter of 2023, while the authority’s first six months posted 12.7 billion dirhams and a net profit of 2.7 billion dirhams.

The company said in a statement today that DEWA’s net cash flow from operations reached 837 million dirhams, up from 5.4 billion dirhams, representing a significant increase of 18.2% compared to the same period last year.

DEWA’s consolidated annual revenue growth in the first six months increased by 5.4% to reach Dh12.7 billion, driven mainly by increased demand for electricity, water and cooling services and increased revenue from the authority’s other assets. Portfolio, revenue from electricity services increased by 5.7%, water services by 3.8% and cooling services by 4.9%, while revenue from other assets of the authority increased by 7.8%.

In the second quarter, consolidated annual revenue growth increased by 4.1% to reach 7.3 billion dirhams, driven by increased demand for electricity, water and cooling services, and increased revenue from the authority’s other assets. portfolio.

The amount of energy demand reached 14.3 TWh in the second quarter of 2023, compared to 14.0 TWh in the same period of 2022.

The thermal ratio of electricity in power (the amount of heat required to produce a kWh) in the second quarter was 8,230 BTU/kWh, representing a 4.2% improvement compared to the same period last year, indicating an increase in efficiency. As a result of the Authority’s efforts in the field of operations, sustainability and environmental protection.

In the second quarter of 2023, demand for water reached 35.3 billion imperial gallons, an increase of 4.6%. Accounts for the first quarter of 2023.

His Excellency Saeed Mohammed Al Tayer, Managing Director and Chief Executive Officer of Dubai Electricity and Water Authority, said: “We continue on the path of excellence and sustainable growth in the Authority, guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice Chairman. and His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Prime Minister of the United Arab Emirates and Ruler of Dubai, may God protect him, and His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Committee, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Finance Minister. Improving the authority’s total revenue and operating cash flow performance in the first six months of 2023. Sustainability’s strategic priorities focus on smart growth, enhancing customer delight, global leadership and operational excellence, and attractive capital returns for shareholders”.

He added: “In line with our strategy, we continue to deliver a robust infrastructure in line with Dubai’s rapid growth driven by sustainable economic growth, the implementation of the ambitious Dubai Urban Plan 2040 and the accompanying population growth. We continue to deliver our services to the highest standards to over 1.18 million customers. .a global leader in availability, reliability, performance and security for us and our future generations.

He explained that the Authority’s strategy is focused on achieving sustainable returns, adhering to the highest environmental, social and governance requirements, sustaining growth and doubling the value of development to the Authority’s stakeholders in the future.