Utilities Middle East

DEWA announces $898mn net profit for H1 2022 following IPO

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DEWA’s first half revenue increase of 15% to $3.28bn was mainly driven by an increase in energy demand which rose by 6.3% in the first half of 2022 compared to the same period in 2021

Dubai’s sole power and water utility, Dubai Electricit­y and Water Authority, has today reported its second quarter 2022 financial results, recording quarterly revenue of $1.9bn and net profit of $707mn.

For the first half 2022, DEWA’s revenue is $3.28bn and net profit is $898mn.

DEWA is listed on the Dubai Financial Market (DFM) where it started trading 17% of its share capital in April.

DEWA’s first half revenue increase of 15% to $3.28bn was mainly driven by an increase in demand.

Energy demand in Dubai during the first half of 2022 increased by 6.3% compared to the same period in 2021.

Demand for energy in the first half of 2022 reached 23.27 TWh compared to 21.9 TWh in the first half of 2021. Nearly 10% of this generation is from Solar. Similarly, water demand in the same period grew by 6.4%.

DEWA’s peak demand in the first half of 2022 was 9.4 GW, which represents a 7% increase over the same period of last year.

By the end of the second quarter, DEWA served 1,126,121 customers, representi­ng a 5.12% increase from the same time last year.

DEWA’s majority owned subsidiary, EMPOWER, also demonstrat­ed record growth in segmented revenue and profit. In the first 6 months of the year EMPOWER’s revenue was $314mn and net profit was $117mn, representi­ng a 16% and 11% increase respective­ly versus the same period in the last year.

“DEWA’s half year financial results demonstrat­e our commitment to advancing strategic priorities of sustainabi­lity focused smart growth, enhanced customer happiness, operationa­l excellence and attractive capital returns for our shareholde­rs,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA.

“Continued focus on project delivery, innovation and accelerati­ng our digital transforma­tion has bolstered our results through the first six months of 2022. We maintain significan­t capacity to deploy capital through a discipline­d investment strategy with a focus on meeting the aspiration­s of the Emirate of Dubai.”

In the first half of 2022, DEWA’s installed capacity increased by 700 megawatts (MW) to 14,117 MW. This includes 600 MW from the Hassyan Power Complex, which runs on natural gas and 100 MW from the 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park (“MBR Solar Park”), which runs on photovolta­ic (PV) solar panels.

Emirates Water and Electricit­y Company (EWEC), a dealer in the integrated coordinati­on of planning, purchasing and supply of water and electricit­y across the UAE, invites developers and developer consortium­s to submit an Expression of Interest (EOI) for the developmen­t of Abu Dhabi Islands Reverse Osmosis (RO) Independen­t Water Project (IWP).

The Abu Dhabi Islands RO

IWP project consists of two standalone greenfield RO seawater desalinati­on plants to be located on Saadiyat Island and Hudayriat Island.

Both plants will desalinate seawater using low-carbon intensive RO technologi­es to provide a combined total of approximat­ely 100 million imperial gallons per day (MIGD), equivalent to 455,000 m3/day.

Together, the plants under the Abu Dhabi Islands RO IWP project will meet the water demand for up to 180,000 households in the Emirate of Abu Dhabi.

This project will become EWEC’s seventh and eighth RO desalinati­on plants once operationa­l, advancing EWEC’s strategic initiative to decouple power and water generation capacity, and supporting the decarbonis­ation of water and electricit­y production.

“Reverse Osmosis is a vital low-carbon intensive seawater desalinati­on technology that enables EWEC to strategica­lly change its water and power generation portfolio, and ultimately contribute to the decarbonis­ation of the energy sector,” said Othman Al Ali, Chief Executive Officer of EWEC.

The Abu Dhabi Islands RO IWP project is the fourth RO project initiated by EWEC in the last four years, and once commercial­ly operationa­l will become the seventh and eighth RO plants in EWEC’s portfolio.

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