The Dubai Electricity and Water Authority (DEWA) has bagged a 37% hike in Q2 profits. Numbers show that it raked in a net profit of AED 2.61 billion ($711 million) fuelled by a growing demand for energy as well as a resurgence in travel and tourism in Dubai.
Revenue for the April to June period climbed more than 14% to Dh7bn and for the first six months of 2022, its net income climbed almost 39% on an annual basis to Dh3.14bn. The utility juggernaut also saw a rise in the number of customers it served with a 5.12% increase leading to 1.12 million customers served.
Why it matters
DEWA’s trajectory goes from strength to strength. It follows on from the strong start it had when it listed shares in April in the largest public float in the Middle East and Europe since Saudi Aramco. As demand for energy both globally and locally becomes increasingly pertinent, you may be seeing the rise of the next utility and energy powerhouse.
