The Dubai Electricity and Water Authority's net profit in the first quarter of 2023 rose by 1.25 per cent as revenue increased on the back of rising demand for water, electricity, and cooling services in the emirate.
Net profit attributable to the shareholders of the company for the three-month period to the end of March surged to about Dh743.8 million ($202.5 million), Dewa said on Monday in a filing to the Dubai Financial Market where its shares are traded.
Revenue for the three-month period stood at Dh5.43 billion, up more than 7 per cent from the same period last year.
“Our reported results for the first quarter of 2023 have exceeded our expectations, reflecting the robust growth of Dubai,” said Saeed Al Tayer, managing director and chief executive of Dewa.
“Looking ahead, I reiterate our optimism about our operating and financial performance for 2023 and beyond.”
Dewa listed as a public company on the DFM in April, raising $6.1 billion in an oversubscribed offering.
The Dubai utility, which added 51,089 new customers last year, served 1,169,713 customers at the end of the first quarter of 2023, it said.
Dewa's quarterly revenue growth for electricity, water, and cooling services increased by 7.2 per cent, 7 per cent and 4.6 per cent, respectively, in the January to March period. Its other portfolio of assets grew their revenue by 11.2 per cent.
In the first quarter, Dewa also added 100 megawatts of solar capacity. The company’s installed generation capacity at the end of the three-month period stood at 14.6 gigawatts, with 2.1 gigawatts of this capacity from renewable energy.
Mohammed bin Rashid Al Maktoum Solar Park, being built by Dewa, is able to generate 2,327MW of capacity, and now accounts for more than 15 per cent of the emirate's energy production capacity.
The mega project is planned to have a total capacity of 5,000MW by 2030, officials said earlier this month.
The company is well positioned to deliver on its energy transition ambitions to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050, to provide 100 per cent of the energy production capacity from clean sources by 2050, said Mr Al Tayer.
“Dewa's efforts support the Dubai Economic Agenda, D33, which aims to double the size of Dubai’s economy over the next decade,” he said.
Dewa has also boosted operations through the use of technology.
It launched its second nanosatellite on a SpaceX rocket from Vandenberg Air Force Base in California in mid-April that will help further enhance its network, making it the first utility company in the world to launch nanosatellites to improve operations.
Utility companies like Dewa can use satellite technology to monitor and map their infrastructure and track the environmental impact their operations have. The data can also help these companies improve their services.
In February, Dewa announced plans to use ChatGPT technology to boost its digital offerings and support its services.
The move will make the company “the first utility globally and the first UAE government entity to use this new technology”, it said at the time.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Huddersfield Town permanent signings:
- Steve Mounie (striker): signed from Montpellier for £11 million
- Tom Ince (winger): signed from Derby County for £7.7m
- Aaron Mooy (midfielder): signed from Manchester City for £7.7m
- Laurent Depoitre (striker): signed from Porto for £3.4m
- Scott Malone (defender): signed from Fulham for £3.3m
- Zanka (defender): signed from Copenhagen for £2.3m
- Elias Kachunga (winger): signed for Ingolstadt for £1.1m
- Danny WIlliams (midfielder): signed from Reading on a free transfer
Premier League results
Saturday
Crystal Palace 1 Brighton & Hove Albion 2
Cardiff City 2 West Ham United 0
Huddersfield Town 0 Bournemouth 2
Leicester City 3 Fulham 1
Newcastle United 3 Everton 2
Southampton 2 Tottenham Hotspur 1
Manchester City 3 Watford 1
Sunday
Liverpool 4 Burnley 2
Chelsea 1 Wolverhampton Wanderers 1
Arsenal 2 Manchester United 0
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Funk Wav Bounces Vol.1
Calvin Harris
Columbia
UAE currency: the story behind the money in your pockets
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
PAKISTAN SQUAD
Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
SPECS
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MEDIEVIL%20(1998)
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