Dubai Electricity and Water Authority(DEWA),  Dubai’s exclusive electricity and water services provider has reported a consolidated net profit of AED 8 billion ($2.18 billion) and revenue of AED 27.4 billion for FY 2022 

The utility giant, which is listed on the Dubai Financial Market (DFM), has recorded a Q4 revenue of AED 6.7 billion and net profit of AED 1.5 billion.

Its standalone net profit rose to AED 11.1bn, which includes AED 4.4bn of other income. The key drivers of this other income include AED 2.3bn dividend received from EMPOWER and AED 1.67bn of profit from the sale of EMPOWER shares.

DEWA’s 2022 annual consolidated revenue increase of 15% to AED 27.35 billion was mainly driven by an increase in demand for electricity and water and a transition to normalised tariff structure. 

Demand for power in 2022 reached 53.2 TWh compared to 50.4 TWh in 2021, representing a 5.56% increase. 

Demand for water in 2022 reached 136.9 billion imperial gallons compared to 128.6 billion imperial gallons, representing a 6.45% increase.

Subject to shareholder approval, DEWA will pay an additional AED 1.67 billion as a special one-time dividend to shareholders in April 2023.

For the full year 2022, DEWA has increased its total dividend pay-out to its shareholders to AED 9.90 billion, representing a 60% increase from the company’s minimum annual dividend policy   

(Writing by Seban Scaria; editing by Anoop Menon)