Dewa profit doubles as revenue crosses $2bn

Dubai Electricity and Water Authority (Dewa) said revenue hit a new high in the first quarter, driving net earnings up by almost 90 percent despite the Iran war.

Revenue rose over 8 percent to AED8.2 billion ($2.2 billion) in the three months ending on March 31, driven by sustained demand for electricity, water and cooling services in the emirate, the company said in a statement to the Dubai Financial Market.

Net profit rose 90 percent year on year to AED940 million.

Dewa’s power generation hit a record 11.09 terawatt-hour (TWh), a 6 percent increase over the same period last year. Clean power accounted for 19 percent of total power generation.

Desalinated water production increased by 6 percent on the same period last year. The company expects to add 120 million imperial gallons per day this year.

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Dewa’s share price closed at AED2.70 on Monday, up nearly 2 percent in the year to date.

The state-owned Dubai Investment Fund owns 82 percent of the utility provider.