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.
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
If you go
The flights
Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.
The hotels
Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes.
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Zayed Sustainability Prize
Results:
5pm: Maiden (PA) Dh80,000 2,200m | Winner: AF Al Montaqem, Bernardo Pinheiro (jockey), Ernst Oertel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,200m | Winner: Daber W’Rsan, Connor Beasley, Jaci Wickham
6pm: Handicap (PA) Dh85,000 1,600m | Winner: Bainoona, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: AF Makerah, Antonio Fresu, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 | Winner: AF Motaghatres, Antonio Fresu, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 1,600m | Winner: Tafakhor, Ronan Whelan, Ali Rashid Al Raihe
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
