The Dubai Electricity and Water Authority has posted record profit in the first nine months of 2026, underpinned by increased demand for its utility services in the emirate.
Net profit attributable to owners of the company in the nine months to the end of September jumped 11 per cent year-on-year to more than Dh7.1 billion ($1.93 billion), Dewa said in a regulatory filing on Thursday to the Dubai Financial Market, where its shares are traded.
Revenue for the period also hit a record, growing 3.3 per cent to about Dh25.7 billion, while earnings before interest, taxes, depreciation and amortisation, a key metric of profitability, climbed 2.5 per cent to Dh13.43 billion.
Dewa attributed revenue growth to increased demand across its electricity, water, district cooling and other businesses.
"We continue to advance our journey towards net zero by 2050, while strengthening our contribution to Dubai’s sustainable economic growth and global competitiveness,” said Saeed Al Tayer, chief executive of Dewa, referring to the UAE's economic and societal push to zero emissions.
For the third quarter of 2026, net profit grew 8.3 per cent annually to Dh3.9 billion, as revenue rose 5.4 per cent to nearly Dh10.9 billion and Ebitda inched down more than 1 per cent to Dh6.11 billion.
The three months through to the end of September highlighted the continued expansion in Dubai's economy, which was reflected in rising electricity demand, increased clean energy generation and improvements in operational efficiency, Dewa said.
"As the emirate continues to develop, Dewa remains committed to providing the essential power and water services and innovative smart and digital solutions needed to support households, businesses and economic activity," the utility said.
Dewa continues to boost its portfolio with an increased focus on clean energy generation. The utility has announced plans for the seventh phase of the Mohammed bin Rashid Solar Park, which Dewa operates, that includes incorporating large-scale battery storage. Dewa also operates a network of electric vehicle charging stations, as more motorists opt for EVs.
Dewa's moves demonstrate its "ability to keep pace with Dubai’s growing energy needs while steadily increasing the contribution of clean energy", Mr Al Tayer said.
Dewa has also previously invested in green hydrogen production, including a pilot facility developed with Siemens Energy at the solar park. However, the partnership remains exploratory, with no specific overseas projects, investment commitments or development timelines announced.
In June, the utility established Dewa International to pursue overseas projects and partnerships, drawing on Dubai's experience in developing large-scale electricity, water and clean energy infrastructure. The company aims to work with governments, developers and financial institutions to identify investment opportunities and participate in projects outside the UAE.
Earlier this month, Dewa International signed an agreement with China's Shanghai Electric to explore energy and water investments in global markets, as the emirate seeks to expand its footprint in the international utilities sector.
Shares of Dewa ended 1.11 per cent higher at Dh2.74 on the DFM on Thursday.
