The Dubai Electricity and Water Authority reported a 19 per cent jump in first quarter net profit as revenue rose on increased power consumption in the emirate.
Net profit for the three-month period to the end of March climbed to Dh691 million ($188m), Dewa said in a regulatory filing on Friday to the Dubai Financial Market, where its shares are traded.
Revenue for the reporting period climbed an annual 15 per cent to Dh5.06 billion as a rise in hospitality and commercial activities in Dubai, underpinned by the easing of pandemic-related restrictions world-wide, contributed to robust demand growth.
“The strong first quarterly result is a testament to our resilient operating business model and continues a track record of consistent growth,” Saeed Al Tayer, managing director and chief executive of Dewa, said.
“We have ample liquidity on our balance sheet to allow us to pursue growth opportunities.”
The utility, which listed shares in April in the largest public float in the Middle East and Europe since Saudi Aramco's listing in 2019, will continue to make “disciplined capital investments, achieving cost savings while growing its footprint,” he said.
“We are committed to creating incremental shareholder value and to providing dividend visibility to our shareholders,” Mr Al Tayer added.
Dewa, the first government entity to list on the DFM, operates as a vertically integrated multi-utility, with business activities including electricity generation, transmission and distribution, water desalination and district cooling.
Electricity revenue rose 17.5 per cent, water revenue increased 20.2 per cent and district cooling revenue climbed 17.6 per cent in the first quarter, compared with the same period a year earlier.
Dewa currently provides services to 3.5 million Dubai residents, and the emirate’s active daytime population of more than 4.7 million. These numbers are expected to grow to 5.8 million and 7.8 million, respectively, by 2040, it said.
The company’s consolidated gross fixed assets grew by about 1.4 per cent to Dh204bn at the end of March from the end of last year. Administrative expenses of the company dropped 5 per cent to Dh703m during the first quarter.
Dewa is playing a key role in executing Dubai's Clean Energy Strategy 2050, which aims to ensure 100 per cent of the emirate's energy is generated through clean sources by 2050.
The utility is currently developing the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar project in the world, which will have a capacity of 5,000 megawatts upon completion in 2030, with a total investment of Dh50bn.
Dewa also owns 70 per cent of Empower, which owns, manages, operates and maintains district cooling plants and affiliated distribution networks across Dubai. It is planning to list Empower by the end of the year, Mr Al Tayer told Al Arabiya TV last month.
Plans to list the company were first announced in December last year as part of Dubai’s strategy to boost its stock market and attract more capital. Set up in 2003, Empower is a joint venture between Dewa and Dubai's Tecom Investments Group.
Dubai, which aims to boost its stock market amid a growing appetite for IPOs in the region, revealed plans last year to list 10 state-owned companies as part of its strategy to double the size of its capital market to Dh3 trillion and attract foreign investment.
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
Volunteers offer workers a lifeline
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.
“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.
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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
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
STAY%2C%20DAUGHTER
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Results:
6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres
Winner: Rodaini, Connor Beasley (jockey), Ahmad bin Harmash (trainer)
7.05pm: Handicap | $135,000 (Turf) | 1,200m
Winner: Ekhtiyaar, Jim Crowley, Doug Watson
7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m
Winner: Spotify, James Doyle, Charlie Appleby
8.15pm: UAE Oakes | Group 3 | $250,000 (D) | 1,900m
Winner: Divine Image, William Buick, Charlie Appleby
8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
Winner: Mythical Image, William Buick, Charlie Appleby
9.20pm: Handicap | $135,000 (T) | 1,600m
Winner: Major Partnership, Kevin Stott, Saeed bin Suroor
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Company%20profile
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