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By Saifur Rahman
Dubai emirate’s state-owned utility, Dubai Electrical energy and Water Authority (DEWA), reported a Dh11.1 billion standalone internet revenue that features the gross sales proceeds of its shares in district cooling subsidiary Empower.
DEWA reported a 22 % progress in consolidated internet revenue of Dh8 billion on Dh27.4 billion annual turnover, which was 15 % increased when in comparison with 2021.
That is the primary time DEWA, which enjoys close to monopoly in energy technology, water desalination, transmission and distribution, introduced its monetary outcomes – which comes 10 months after it went public by means of an Preliminary Public Providing (IPO) that raised Dh22.32 billion in April 2022.
The inventory worth of DEWA, with 50 billion shares, closed at Dh2.39, placing market capitalization at Dh119.5 billion, previous to the announcement on Wednesday (February, 2023).
“Demand for energy in 2022 reached 53.2 TWh in comparison with 50.4 TWh in 2021, representing a 5.56 % improve. Additional, DEWA’s peak demand in 2022 was 9.5 GW, which represents a 3.3% improve over the identical interval of 2021. For the 12 months 2022 and 2021, DEWA achieved peak demand within the month of July. Common buyer energy consumption in 2022 was increased than that of 2021,” DEWA mentioned in an announcement.
Demand for water in 2022 reached 136.9 billion imperial gallons (BIG) in comparison with 128.6 BIG, representing a 6.45 % improve. Common buyer water consumption in 2022 was increased than that of 2021. Relative to capability, DEWA’s minimal reserve margin in 2022 for energy and water was 28 % and 15.2 % respectively. By the top of 2022, DEWA served 1,157,501 clients, representing a rise of 14,438 clients from the third quarter of 2022. DEWA added 51,089 new clients in 2022, which is a 4.6 % improve from 2021.
“In 2022, DEWA achieved document outcomes and delivered its greatest monetary efficiency and progress in its working historical past. For the total 12 months 2022, we delivered a consolidated internet revenue of Dh8 billion, which is a rise of twenty-two % over the total 12 months 2021. Relative to 2021, our gross revenue, working revenue and internet revenue margins elevated. For the 12 months 2022, DEWA had promised to pay Dh6.2 billion in dividends. As an alternative, DEWA intends to pay Dh9.9 billion in dividends to its shareholders. The supply of our technique has translated into distinctive returns to our shareholders,” Saeed Mohammed Al Tayer, MD & CEO of DEWA mentioned.
“Wanting forward, I’m optimistic about our working and monetary outlook for 2023 and past. DEWA stands able to assist the Dubai Financial Agenda (D33), which goals to double the scale of Dubai’s economic system over the following decade. As well as, our technique, progress pillars and capital commitments are properly positioned to ship on our power transition ambitions to attain the Dubai Clear Power Technique 2050 and the Dubai Web Zero Emissions Technique 2050 to offer one hundred pc of the power manufacturing capability from clear power sources by 2050, whereas supporting the sturdy demand for our unique portfolio of services in Dubai.
For the 12 months 2022, DEWA commissioned two 400 kV substations, fifteen 132 kV substations and 1,113 11-6.6 kV substations. DEWA has deployed 1,108,530 good electrical energy meters and 996,917 good water meters. The corporate recorded a buyer minute misplaced time of 1.19 minutes, which is the bottom recorded charge on the planet. DEWA diminished its assortment days to 40 versus 43 from the top of 2021, indicating sooner assortment.
By the top of 2022, the corporate put in a further 1,100 MW of technology capability, representing an 8.2% improve. Of this 1,100 MW, 600 MW was fuel fired and 500 MW was photo voltaic. The corporate’s present put in technology capability stands at 14.5 GW with 2 GW of this capability representing renewable power. The corporate’s present put in desalinated water manufacturing capability was unchanged for 2022 and stands at 490 MIGD.
For 2023, DEWA mentioned it expects so as to add a further 2GW of technology capability (13% improve), and 210 MIG of water reservoir capability. By the top of 2030, DEWA plans to have gross put in capability of 20 GW and 730 MIGD of desalinated water. Of this 20 GW, DEWA plans to have 5 GW of put in renewable capability, representing 25 % manufacturing from renewable sources. As well as, the corporate plans so as to add a further 240 MIGD of desalination capability utilizing reverse osmosis know-how.
A Dubai-based inventory dealer, on situation of anonymity, mentioned, “DEWA is a profitable inventory for traders, because of the monopoly it enjoys within the state. The outcomes make its share extra fascinating to traders. As a state-run utility, DEWA is run very professionally, in contrast to these run by authorities forms. DEWA’s management runs the organisation like a non-public utility. Therefore it is without doubt one of the most worthwhile asset the federal government can depend on.”
Additionally printed on Medium.
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