{"id":82320,"date":"2024-02-12T00:00:00","date_gmt":"2024-02-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/02\/12\/dewa-sees-a-7-increase-in-revenues-and-a-dip-in-income-in-2023\/"},"modified":"2024-02-12T00:00:00","modified_gmt":"2024-02-12T00:00:00","slug":"dewa-sees-a-7-increase-in-revenues-and-a-dip-in-income-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/02\/12\/dewa-sees-a-7-increase-in-revenues-and-a-dip-in-income-in-2023\/","title":{"rendered":"Dewa sees a 7% increase in revenues and a dip in income in 2023"},"content":{"rendered":"

Dewa reports record revenues:<\/strong>Dubai Electricity and Water Authority (Dewa)<\/a> saw its revenues climb 7% y-o-y, to AED 29.9 bn, logging its highest-ever net revenues amid increased demand, according to the company\u2019s preliminary financial results (pdf)<\/a>. The utility provider\u2019s net income inched down 1.4% y-o-y in 2023 to AED 7.9 bn.<\/p>\n

On a 4Q basis:<\/strong> Dewa\u2019s net income jumped 14.6% y-o-y in 4Q 2023 to AED 1.8 bn, while revenues increased during the quarter to AED 7.1 bn, up 5.5% y-o-y.<\/p>\n

Growth drivers: <\/strong>The increase in the company's revenues was attributed to a rise in demand for electricity, water and cooling services. Power demand increased 6.3% to 56.5 TWh in 2023. Clean energy generated by the company also rose 32.7% to 6.2 TWh accounting for 11% of the company's total power generation this year. Demand for desalinated water also rose 5.2% in 2023.<\/p>\n

Dewa\u2019s best year: <\/strong>\u201cOur electricity generation growth of 6.1%, total installed capacity of 15.7 GW with around 17% contributed by renewable sources, peak load of 10.4 GW and customer accounts exceeding 1.2 mn, are the highest ever reported,\u201d Dewa's CEO and managing director Saeed Al Tayer said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dewa\u2019s net income dropped to AED 7.9 bn in 2023.<\/p>\n","protected":false},"author":1,"featured_media":82321,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-dewa","tag-earnings-watch","tag-enterpriseclimate","wpautop","entry"],"acf":{"mongo_id":"e74f6c4e-c255-43d8-8490-5fe693190e58","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/744.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dewa sees a 7% increase in revenues and a dip in income in 2023","related_issue":[82308],"teaser":"Dewa\u2019s net income dropped to AED 7.9 bn in 2023.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.f9fde003-cc66-4e92-aef6-b614295805a1.mp3"},"yoast_head":"\nDewa sees a 7% increase in revenues and a dip in income in 2023 - 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