In its first financial report since its IPO, DEWA recorded a profit of Dh 3.3 billion (Dh 2.48 billion in the previous year), with revenue jumping to Dh 12.07 billion in the first half of 2022 (up from Dh 10.53 billion in the previous year) First half of 2021.
The first dividend payment of Dh3.1 billion to be made in October.
It was on April 12 that DEWA listed on DFM after a hugely successful IPO, the first of 10 Dubai Government enterprises that will take the road to a public listing. Since then, DEWA’s stock has been one of the consistently high volume generators on the exchange.
Based on the latest financials, income attributed to the owners of the company hits Dh4.85 billion, a solid increase on the Dh2.87 billion a year ago. Those accruing the non-controlling interests is Dh1.69 billion (Dh751.40 million in H1-21).
What drove DEWA’s H1-2022 numbers:
- The 15% revenue increase to Dh12.08 billion was mainly from an increase in demand and a transition to normalized tariff structure.
- Energy demand in Dubai during the first six months of 2022 increased 6.3% compared to the same period in 2021.
- Energy demand reached 23.27 TWh compared to 21.9 TWh in H1-2021. Nearly 10% of this generation is from solar. Water demand in the same period grew by 6.4%.
Shareholders will find the latest numbers in their favour – “DEWA stock has shown a recovery from almost it’s IPO price of Dh2.48 to Dh2.55,” said Vijay Valecha, Chief Investment Officer at Century Financial. “The stock has been very stable in these turbulent times and is expected to remain that way.”
DEWA is the majority shareholder in district cooling company Empower, with revenue of Dh 1.15 billion and net profit of Dh 432 million, up 16% and 11% respectively from the same period last year. Empower could be one of the next group of companies looking to list in Dubai.
