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Dubai Electricity & Water Authority
GOVERNMENT OF DUBAI
Press Release
Dubai Electricity and Water Authority PJSC announces record operating and
financial results for the 3rd Quarter of 2023
• Highest reported quarterly revenue, operating profit, EBITDA and net profit in DEWA’s history
• Highest quarterly revenue¸operating profit, EBITDA growth of 10.2%, 13.9% and 9.9% respectively
• Robust quarterly net profit growth of 6.9%
• Robust quarterly growth of 8.8% for electricity generation and 5.4% for water
• Highest quarterly peak load electricity demand growth of 9.0% to 10.4 GW
• Robust quarterly peak load water demand growth of 4.9% to 433 MIGD
• Year to date emissions reduction of over 3 million tonnes of CO2
Q3, 2023 9 Months, 2023
Revenue Operating Profit EBITDA Revenue Operating Profit EBITDA
AED 9.4 billion AED 3.7 billion AED 5.2 billion AED 22.2 billion AED 6.9 billion AED 11.2 billion
+10.2% +13.9% +9.9% +7.4% +6.8% +3.3%
vs. Q3, 2022 vs. Q3, 2022 vs. Q3, 2022 vs. 9M, 2022 vs. 9M, 2022 vs. 9M, 2022
Dubai, UAE, 10th November 2023: Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol:
DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial
Market (DFM), today reported its third quarter 2023 consolidated financial results, with a record quarterly revenue of
AED 9.4 billion, an operating profit of AED AED 3.7 billion, and EBITDA of AED 5.2 billion. For the first nine months,
DEWA’s consolidated revenue totalled AED 22.2 billion, with an operating profit of AED 6.9 billion and EBITDA of AED
11.2 billion.
By the end of Q3, 2023, the Company’s net cash from operating activities increased by a robust AED 754 million to
AED 9.8 billion, representing a stellar 8.3% increase compared to the same period last year.
Robust on the ground fundamentals are driving record quarterly growth across DEWA’s income statement
DEWA’s third-quarter consolidated revenue increase of 10.2% to AED 9.4 billion was mainly driven by an increase in
demand for electricity, water, and cooling services as well as an increase in the revenues from DEWA’s other portfolio
of assets.
Total power generation in the third quarter reached 18.897 TWh, compared to 17.375 TWh in the same quarter in
2022, a growth of approximately 8.8%. A reliability factor of 99.5% was maintained. Total green energy generation
during the quarter amounted to 1.626 TWh, a 29.9% increase over the same period in 2022. DEWA achieved gross
heat rate of 8,042 BTU/kWh which is a 2.5% improvement over last year and reflects higher operational efficiency
resulting from the Company’s targeted sustainability and optimization efforts.
Page 1 of 4Water desalination in the third quarter of 2023 reached 38.7 billion imperial gallons (BIG), a 5.4 % increase over same
period in previous year. As on 30 Sep 2023 DEWA is serving 1,200,312 customers, which is 57,159 ( or 5%) more
accounts than a year ago, and an increase of 15,601 accounts from the second quarter of 2023.
Despite a doubling in finance costs, DEWA’s third-quarter net profit exceeds profit of the same period last year by
6.9%. The semi annual dividend cover ratio, based solely on the third quarter net profit exceeds 1, indicating that the
company can cover its dividend for H2, 2023 from its third quarter profit alone.
For the first 9 months of 2023, DEWA’s revenue growth of 7.4% was mainly driven by electricity demand growth of
6.4%, water demand growth of 5.7% and cooling services revenue growth of 9.5%. In addition, the company delivered
4.771 TWh of green power, representing a 34.5% increase compared to the same period last year.
Quote
“At DEWA, we continue our journey of excellence and sustainable growth, guided by the vision of His Highness Sheikh
Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the
directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and
Chairman of the Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al
Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE.
I am pleased to report significant achievements and record-breaking milestones for DEWA in this quarter. We have
achieved the highest quarterly revenue, operating profit, EBITDA and net profit in DEWA’s history with an outstanding
9.9% growth in our EBITDA. Our electricity generation growth of 8.8%, gross installed capacity of 15.1 GW with 17%
of which is coming from renewable sources, peak load of 10.4GW, customer accounts exceeding 1.2 million, are the
highest ever reported. Today, our gross infrastructure investment exceeds AED 215 billion, and our year to date carbon
emissions reduction has exceeded 3 million tons. The profit from this quarter alone is sufficient to meet our dividend
obligations for the second half of 2023,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.
“We are committed to pursuing our leadership role in sustainability, enhancing customer happiness, globally leading
operational excellence and future-proofing our operating model. DEWA’s shareholder strategy is focused on delivering
consistent returns, upholding highest Environmental, Social, and Governance (ESG) standards, delivering sustainable
growth and compounding of our growth value over time for our investors” noted Al Tayer
Delivering growth
By the end of the third quarter of 2023, the Company’s installed generation capacity was 15.1 GW with 2.6 GW of this
capacity coming from renewable energy sources. DEWA has added 200 MW of green capacity during the 3rd quarter
of 2023.
DEWA Gross Installed Capacity as of 30 September 2023
Generation Plant Capacity (MW) Desalination Type MIGD
Page 2 of 4Jebel Ali & Al Aweer 10,690 Jebel Ali Multi Stage Flash 427
Mohammed bin Rashid Al Maktoum 2,627 Jebel Ali Reverse Osmosis 63
Solar Park
Hassyan Power Plant 1,800
Total 15,117 Total 490
By 2030, DEWA will add 240 MIGD of desalination capacity, using reverse osmosis technology. By that time, DEWA’s
total gross installed desalinated capacity will reach 730 MIGD. In addition, the company’s gross generation installed
capacity will reach 20 GW. Of this 20 GW capacity, DEWA will have 5 GW of installed renewable capacity, representing
25% of the generation sourced from renewable sources.
Emission Reduction
Year to date, DEWA has reduced 1.29 million tonnes of CO2 emissions from its core gas-fired generation and 1.8
million tons from the operating phases of the Mohammed bin Rashid Al Maktoum Solar Park
Dividend policy
As per DEWA’s dividend policy, the Company expects to pay a minimum annual dividend of AED 6.2 billion in the first
five years starting October 2022. The dividends are being paid semi-annually in April and October. On 26 October
2023, DEWA distributed AED 3.1 billion as dividend for H1, 2023 to its shareholders, based on a record date of 18
October 2023. The upcoming dividend of AED 3.1 billion for H2, 2023 is expected to be distributed in April 2024.
Audited Financials
DEWA’s audited financials can be found at DEWA’s website: https://www.dewa.gov.ae/en/investor-relations
or on DFM’s website https://www.dfm.ae/en/issuers/listed-securities/securities/company-profile-page?id=DEWA
Contacts
For investor relations, please contact: For media, please contact:
dewainvestors@dewa.gov.ae media@dewa.gov.ae
About Dubai Electricity and Water Authority PJSC
DEWA was created in 1992 as a result of the merger of the Dubai Electricity Company and the Dubai Water
Department. DEWA is the exclusive electricity and water utility provider in Dubai. DEWA listed on the Dubai Financial
Market in April, 2022. DEWA's attractive business profile as viewed by investors has led to the historic success of this
public listing that attracted US$ 85 billion demand and 37 times oversubscription. The Group generates, transmits and
distributes electricity and potable water to end users throughout Dubai. DEWA owns 56% of Empower, currently the
Page 3 of 4world’s largest district cooling services provider by connected capacity, and owns, manages, operates and maintains
district cooling plants and affiliated distribution networks across Dubai. The Group also comprises a number of other
businesses including Mai Dubai, a manufacturer and distributor of bottled water, Digital DEWA, a digital business
solutions company, and Etihad ESCO, a company focused on the development and implementation of energy efficient
solutions. To learn more, visit http://www.dewa.gov.ae
Cautionary statements relevant to forward-looking information
This news release contains forward-looking statements relating to DEWA’s operations that are based on
management’s current expectations, estimates and projections about the energy industry and other relevant industries
that DEWA operates in. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,”
“projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,”
“outlook,” “trends,” ”guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,”
“opportunities,” and similar expressions are intended to identify such forward-looking statements. These statements
are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of
which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue
reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally
required, DEWA undertakes no obligation to update publicly any forward-looking statements, whether as a result of
new information, future events or otherwise.
-Ends-
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Sentiment: neutral