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Dubai Electricity & Water Authority
GOVERNMENT OF DUBAI
Press Release
Dubai Electricity and Water Authority PJSC announces solid second quarter
results with a stellar increase in operating cash flow
• Reports robust first half of 2023 revenue of AED 12.7 billion (up by 5.4%)
• In the first 6 months of 2023, customer demand for power and water was up by 3.1% and 5.1% respectively
• For H1, 2023, net cash generated from operating activities is AED 5.4 billion (up by 18.2%)
• Reports consolidated first half operating profit of AED 3.1 billion, and net profit of AED 2.7 billion
H1, 2023
Revenue Net Cash from
AED 12.7 billion Operating Activities
AED 5.4 billion
+5.4% +18.2%
H1, 2023 H1, 2023
Dubai, UAE, 10th August 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 second quarter 2023 consolidated financial results, recording quarterly revenue of AED 7.3
billion and net profit of AED 1.98 billion. For the first six months, DEWA’s consolidated revenue was AED 12.7 billion
and net profit was AED 2.7 billion.
By the end of H1, 2023, the Company’s net cash from operating activities increased by a record AED 837million to
AED 5.4 billion, representing a stellar 18.2% increase versus the same period for the last year.
Robust on the ground fundamentals are driving top line growth
DEWA’s first six month consolidated revenue increase of 5.4% to AED 12.7 billion was mainly driven by an increase in
demand for electricity, water, cooling services and an increase in the revenues of DEWA’s other portfolio of assets.
Revenue growth for electricity, water and cooling increased by 5.7%, 3.8% and 4.9% respectively. DEWA’s other
portfolio of assets grew their revenue by 7.8%.
During the second quarter consolidated revenue increased by 4.1% to AED 7.3 billion, driven by an increase in demand
for electricity, water and cooling services and an increase in the revenues of DEWA’s other portfolio of assets.
Demand for power in the second quarter reached 14.3 TWh compared to 14.0 TWh for the same period in 2022.
DEWA’s second quarter gross heat rate for power was 8,230 BTU / kWh, which is a 4.2% improvement compared to
the same period in the last year, reflecting higher operational efficiency resulting from the Company’s targeted
sustainability and environmental efforts.
Page 1 of 4Demand for water in the second quarter of 2023 reached 35.3 billion imperial gallons (BIG), representing a 4.6%
increase.
By the end of the second quarter of 2023, DEWA is serving 1,184,711 customer accounts, representing an increase of
14,998 customer accounts from the first quarter of 2023.
Net Profit Reconciliation
Compared to the first half of 2022, DEWA’s first half 2023 net profit was impacted as a result of an increase in net
finance costs, and depreciation. Net finance costs were higher by AED 262 million as a result of an increase in EIBOR
during the last 12 months, and as a result of a reduction in capitalised interest of new IPP projects that have been
commissioned. In addition, depreciation has increased by AED 190 million due to new IPP projects that were
commissioned, adding to DEWA’s generation capacity.
Quote
“At DEWA, we continue the 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.
DEWA’s continued focus on smart project delivery, innovation and accelerating digital transformation have bolstered
our top line results and our operating cash flow performance through the first six months of 2023. We are committed
to advancing strategic priorities of sustainability focused smart growth, enhanced customer happiness, globally leading
operational excellence and attractive capital returns for our shareholders, ” said HE Saeed Mohammed Al Tayer, MD
& CEO of DEWA.
“In line with our strategy, we continue to maintain a robust infrastructure and services to keep pace with rapid
developments in Dubai driven by the sustainable economic growth, execution of the ambitious Dubai 2040 Urban
Master Plan and the associated increase in population. Today we provide world leading services to over 1.18 million
customers at the highest standards of availability, reliability, efficiency and safety, and we are committed to future
proofing the same,” added Al Tayer.
“DEWA’s strategy is focused on delivering consistent returns, upholding highest Environmental, Social, and
Governance (ESG) standards, sustainable growth and compounding of our growth value over time for our investors”
noted Al Tayer
Delivering growth
The Company’s installed generation capacity currently stands at 14.9 GW with 2.4 GW of this capacity representing
renewable energy. In line with Dubai Clean Energy Strategy 2050, the Company added 300 MW of green capacity
during the 2nd quarter of 2023. The current installed desalinated water production capacity is unchanged at 490 MIGD.
Page 2 of 4DEWA Gross Installed Capacity as of June 30th, 2023
Generation Plant Capacity (MW) Desalination Type MIGD
Jebel Ali & Al Aweer 10,690 Jebel Ali Multi Stage Flash 427
Mohammed bin Rashid Al Maktoum 2,427 Jebel Ali Reverse Osmosis 63
Solar Park
Hassyan Power Plant 1,800
Total 14,917 Total 490
By the end of 2030, DEWA plans to have gross installed capacity of 20 GW and 730 MIGD of desalinated water. Of
this 20 GW, DEWA intends to have 5 GW of installed renewable capacity, representing 25% generation from
renewable sources. In addition, the Company plans to add 240 MIGD of desalination capacity using reverse osmosis
technology.
In the second quarter of 2023, DEWA received a world record low bid of USD 1.621 cents per kWh on the IPP tender
for its 1800 MW solar PV plant at Mohammed bin Rashid Al Maktoum Solar Park. DEWA also received the world’s
lowest levelized tariff of 0.38923 USD per cubic meter for its 120 MIGD Hassyan seawater reverse osmosis IWP
tender, and USD 0.365 per cubic metre in the alternative proposal of 180 MIGD.
In May, 2023, DEWA commissioned its 60 MIG Lusaily water reservoir. By the end of 2024, DEWA expects to increase
its water reservoir capacity from 882 MIG to 1,152 MIG. These reservoirs will enhance water security and enable
DEWA to keep pace with the increase in demand.
In the second quarter of 2023, DEWA’s generation plants maintained world leading availability factor and reliability
factor of 90.4% and 99.9% respectively, representing an increase from the same period in 2022.
By the end of the half year of 2023, DEWA commissioned seven 132 kV substations, three 33kV substations, and six
hundred and seventy six 11kV substations. There are currently seventy four 33kV substations and 43,557 (11kV or
6.6 kV) substations in DEWA’s network.
Dividend policy
As per DEWA’s dividend policy, the Company expects to pay a minimum annual dividend of AED 6.2 billion, over the
first five years, starting October 2022. The dividends are being paid semi-annually in April and October. The
upcoming dividend payment of AED 3.1 billion for H1, 2023 is expected to be disbursed in October 2023.
Audited Financials
DEWA’s audited financials can be found at DEWA’s website: https://www.dewa.gov.ae/en/investor-relations
Page 3 of 4or 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. The Group generates, transmits and
distributes electricity and potable water to end users throughout Dubai. DEWA owns 56% of Empower, currently the
world’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-
Page 4 of 4

Sentiment: neutral