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Thursday, March 23, 2023

Dewa posts solid growth in 2022; net profit soars to $2.2bn

Dewa posts solid growth in 2022; net profit soars to .2bn

Dubai Electricity and Water Authority (Dewa) reported a consolidated net profit of AED8 billion (US$2.2 billion) for FY22, while its revenue soared 15% to AED27.4 billion (US$7.4 billion) as its smart and innovative The way we operate achieves sustainable growth excellence.

Announcing its preliminary and unaudited consolidated financial results for the full year 2022, Dewa said its stand-alone net profit rose to AED11.1 billion, including other income of AED4.4 billion.

The main drivers of this other income included the AED 2.3 billion dividend received from Empower and the AED 1.67 billion profit from the sale of Empower shares.

In 2022, Dewa achieves its core strategic objectives, which are focused on achieving sustainable growth, remaining at the forefront of smart and innovative operational excellence, and optimizing returns for all stakeholders while minimizing environmental impact.

As a result, Dewa’s 2022 consolidated revenue increased by 15% to AED 27.35 billion, mainly due to higher demand for electricity and water and the transition to a normalized tariff structure.

According to Dewa, electricity demand will reach 53.2 TWh in 2022, compared to 50.4 TWh in 2021, an increase of 5.56%.

In addition, its peak demand in 2022 will be 9.5 GW, which is 3.3% higher than the same period in 2021.

For 2022 and 2021, the utility hit peak demand in July. The average electricity consumption of customers in 2022 will be higher than that in 2021.

Dewa’s total annual heat rate for electricity generation is 8,604 BTU/kWh, the highest achieved in its operating history and reflecting our targeted sustainability and environmental efforts. In addition, Dewa’s overall plant reliability factor was 99.93%, exceeding the company’s goals and demonstrating the company’s commitment to operational excellence.

Water demand in 2022 reaches 136.9 billion British gallons (BIG), compared to 128.6 BIG, an increase of 6.45%. Average customer water consumption in 2022 is higher than in 2021.

Relative to capacity, Dewa has minimum reserve margins of 28% and 15.2% for electricity and water in 2022, respectively.

Commenting on the solid performance, Saeed Mohammed Al Tayer, Managing Director and Chief Executive Officer, said: “For the full year 2022, we achieved a consolidated net profit of AED8 billion, an increase of 22% compared to the full year 2021. , our gross profit, operating profit and net profit margin all increased.”

“For 2022, Dewa has committed to pay a dividend of AED 6.2 billion. Instead, Dewa intends to pay a dividend of AED 9.9 billion to its shareholders. The implementation of our strategy has translated into excess returns for our shareholders,” he noted.

“Looking ahead, I am optimistic about our operational and financial prospects for 2023 and beyond. Dewa stands ready to support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade,” he said.

Al Tayer said Dewa’s strategy, growth pillars and capital commitments are well positioned to deliver on its energy transformation ambitions to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to provide energy production capacity 100% from clean sources while supporting Dubai’s strong demand for our exclusive portfolio of products and services through 2050.

“Dewa’s shareholder strategy focused on delivering consistency of returns, durability of growth and compounding of our growth value over time forms the cornerstone of our core value proposition to investors,” he added.trade arab news agency

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