{"id":80563,"date":"2023-11-13T00:00:00","date_gmt":"2023-11-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/11\/13\/dewa-reports-a-6-9-y-o-y-increase-in-net-profits-in-3q-2023\/"},"modified":"2023-11-13T00:00:00","modified_gmt":"2023-11-13T00:00:00","slug":"dewa-reports-a-6-9-y-o-y-increase-in-net-profits-in-3q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/11\/13\/dewa-reports-a-6-9-y-o-y-increase-in-net-profits-in-3q-2023\/","title":{"rendered":"Dewa reports a 6.9% y-o-y increase in net profits in 3Q 2023"},"content":{"rendered":"

<\/strong>Dewa\u2019s year is looking up:<\/strong> The Dubai Electricity and Water Authority (Dewa) reported a 6.9%y-o-y increase in net income in the third quarter of the year to AED 3.4 bn, according to a financial statement (pdf)<\/a> released on Friday. Dewa\u2019s revenues were up 10.2% y-o-y in 3Q reaching AED 9.4 bn, according to a statement<\/a>.<\/p>\n

An even more impressive quarterly performance:<\/strong> Dewa reported a 71.5%<\/a>q-o-q increase<\/a> in net income and a 29.2% q-o-q increase in revenues compared to last quarter. <\/p>\n

What\u2019s driving Dewa\u2019s rising revenues?<\/strong> The 3Q revenue increase was driven by increased demand for electricity, water, and cooling services as well as a boost in revenues from Dewa\u2019s other portfolio of assets, the statement notes. Total power generation grew by around 8.8% compared to last year mainly driven by a 29.9% increase in green energy, the statement explained.<\/p>\n

Dewa\u2019s best quarter yet: <\/strong>\u201cWe have achieved the highest quarterly revenue, operating profit, Ebitda, and net profit in Dewa\u2019s history with an outstanding 9.9% growth in [the latter],\u201d CEO and Managing Director of Dewa Saeed Al Tayer said in the statement. <\/p>\n

Looking ahead:<\/strong> Dewa aims to have 5 GW of renewable capacity installed by 2030, representing 25% of Dubai\u2019s energy mix, the statement said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dewa draws the highest quarterly revenues and net profits in history<\/p>\n","protected":false},"author":1,"featured_media":80564,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[154,105,11,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-dewa","tag-earnings-watch","tag-enterpriseclimate","tag-uae","wpautop","entry"],"acf":{"mongo_id":"924db711-af04-43af-bff4-85f45ce1f654","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/920.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dewa reports a 6.9% y-o-y increase in net profits in 3Q 2023","related_issue":[80547],"teaser":"Dewa draws the highest quarterly revenues and net profits in history","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.4e36e3da-97c4-4ad0-9e8b-ad88b8686f02.mp3"},"yoast_head":"\nDewa reports a 6.9% y-o-y increase in net profits in 3Q 2023 - 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