DEWA Reported Its 2022 Unaudited Consolidated Financial Result

DEWA’s consolidated revenue was AED 27.4 billion and net profit was AED 8.0 billion.

DEWA delivered on its core strategic objective, according to the report, for the year 2022, which is focused on delivering sustainable growth, staying at the forefront of smart and innovative operational excellence, and optimising returns for all its stakeholders while minimising its environmental footprint.

Accordingly, DEWA’s 2022 annual consolidated revenue increase of 15% to AED 27.35 billion was mainly driven by an increase in demand for electricity and water and a transition to a normalised tariff structure.

DEWA’s annual gross heat rate for power was 8,604 BTU/kkWH, which is the best achieved in its operational history, reflecting our targeted sustainability and environmental efforts.

In addition, DEWA’s overall power plant reliability factor was 99.93%, exceeding the company’s targets and demonstrating the company’s commitment to operational excellence.

Demand for water in 2022 reached 136.9 billion imperial gallons (BIG), compared to 128.6 BIG, representing a 6.45% increase. According to the report, average customer water consumption in 2022 was higher than in 2021.

Relative to capacity, DEWA’s minimum reserve margin in 2022 for power and water was 28% and 15.2%, respectively.

DEWA had served 1,157,501 customers by the end of 2022, an increase of 14,438 customers from the third quarter of 2022.DEWA added 51,089 new customers in 2022, which is a 4.6% increase from 2021.

For the fourth quarter of 2022, DEWA generated 12.4 TWh, representing a 6.05% increase from the same period in 2021. Similarly, DEWA produced 33.4 GB of desalinated water for the same period, representing a 6.12% increase.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: "At DEWA, we continue the journey of excellence and sustainable growth guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and other leaders."

According to him, DEWA achieved record results last year and delivered its best financial performance and growth in its operating history.

"Looking ahead, I am optimistic about our operating and financial outlook for 2023 and beyond. DEWA stands ready to support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade.

"In addition, our strategy, growth pillars, and capital commitments are well positioned to deliver on our energy transition ambitions to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Emissions Strategy 2050 to provide 100% of the energy production capacity from clean energy sources by 2050, while supporting the strong demand for our exclusive portfolio of products and services in Dubai," added Al Tayer.

"DEWA’s shareholder strategy is focused on delivering consistency of returns, the durability of growth, and the compounding of our growth value over time, which forms the bedrock of our core value proposition to our investors," noted Al Tayer.

Further reporting on the annual highlights report mentioned, in April 2022, DEWA was listed as a public company on the Dubai Financial Market. This was the largest IPO in the UAE and the largest utility IPO globally since 2008.

Further, DEWA’s subsidiary, EMPOWER, will be listed on the Dubai Financial Market as a public company in November 2022. DEWA currently owns 56% of EMPOWER and also consolidates the same. DEWA is the only entity in the region to have listed both itself and its subsidiary in the same year.

By the end of 2022, the company would have installed an additional 1,100 MW of generation capacity, representing an 8.2% increase. There were 600 MW of coal-fired power and 500 MW of solar power among the 1,100 MW.The company’s current installed generation capacity stands at 14.5 GW, with 2 GW of this capacity representing renewable energy. The company’s current installed desalinated water production capacity was unchanged for 2022 and stands at 490 MIGD.

Notably, DEWA’s Jebel Ali assets hold the Guinness World Record for the world’s largest single-site water production facility and the world’s largest single-site natural gas facility. The company’s Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world based on the Independent Power Producer (IPP) model.

By the end of 2030, DEWA plans to have a gross installed capacity of 20 GW and 730 MIGD of desalinated water. Of this 20 GW, DEWA plans to have 5 GW of installed renewable capacity, representing 25% of its production from renewable sources. In addition, the company plans to add additional desalination capacity using reverse osmosis technology.

DEWA’s electric vehicle (EV) charging network expanded to 350 chargers with 620 charge points across the emirate of Dubai. DEWA plans to grow this network to 1,000 chargers by 2025. The steady increase in the use of EVs in the UAE is an upside for DEWA.

According to the report, for 2022, DEWA was ranked third by Brand Finance among the top utilities in the Middle East. In addition, the magazine ranked DEWA’s CEO among the top ten CEOs in the Middle East.

According to the report, DEWA launched its first nanosatellite (DEWASAT-1) in January 2022 and is on track to launch its second satellite (DEWASAT-2) later this year. DEWA hosted several key events, such as the Water, Energy, Technology, and Environment Exhibition (WETEX), the Dubai Solar Show, and the World Green Economy Summit (WGES). It also participated in major international events such as Expo 2020 Dubai and GITEX 2022.