A solid 1Q for Dewa: State utility provider Dubai Electricity and Water Authority (Dewa) reported a 10.4% y-o-y increase in net income in 1Q 2023 to AED 763 mn on the back of increased demand on utility services, according to an earnings release (pdf).

Robust topline: Revenues were up 7.3% y-o-y during the quarter on the back of increased demand for electricity, water and cooling services, according to the release. An 11.2% y-o-y rise in revenues in the state utility’s other portfolio of assets also fueled the increase in revenues. Quarterly revenue growth for electricity, water, and cooling services rose by 7.2%, 7%, and 4.6%

respectively.

Big plans ahead: Dewa said it eyes a gross installed capacity of 20 GW and 730 mn gallons per day (MIGD) of desalinated water by the end of 2030. Under the 20 GW target, the company plans to have 5 GW of installed renewable capacity, representing 25% production from renewable sources. The additional 240 MIGD of desalination capacity will be attained through reverse osmosis technology.

What they said: “Our strategies, growth pillars and capital commitments are well positioned to deliver on our energy transition ambitions to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to provide 100% of the energy production capacity from clean energy sources by 2050, while supporting the strong demand for our exclusive portfolio of products and services,” DEWA Managing Director and CEO Saeed Mohammed Al Tayer said in the statement.

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