DEWA sees best-ever Q1 profit, revenue on higher demand, clean energy growth

Dubai: Dubai Electricity and Water Authority (DEWA) reported record first-quarter financial results on Tuesday, driven by higher electricity and water demand, growth in clean energy generation and expanded infrastructure capacity.

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The Dubai utility posted consolidated revenue of Dh6.45 billion ($1.76 billion) for the first quarter of 2026, while net profit reached Dh940 million.

Saeed Mohammed Al Tayer, Vice Chairman and MD & CEO of DEWA said, “DEWA delivered an exceptional start to 2026, achieving its highest-ever first-quarter revenue, EBITDA, operating profit and net profit.

"Consolidated net profit for the first quarter increased by nearly 90 percent compared with the same period last year, while clean energy accounted for 18.5 percent of total power generated during the quarter.”

Power, water output

DEWA generated a record 11.09 terawatt-hours (TWh) of electricity during the quarter, up 5.65% year-on-year. Clean energy production reached 2.06 TWh, accounting for 18.5% of total electricity generation during the period.

The utility’s installed generation capacity reached 17,979 megawatts (MW) by the end of March, including 3,860 MW from clean energy sources, representing 21.5% of the overall energy mix.

Desalinated water production also hit a quarterly record of 37.57 billion imperial gallons, up 5.51% from a year earlier. DEWA said it added 60 million imperial gallons per day (MIGD) of desalination capacity during the quarter through the commissioning of Block A of the Hassyan Sea Water Reverse Osmosis (SWRO) plant.

Total desalination capacity reached 555 MIGD, with SWRO technology now accounting for 23% of DEWA’s water production mix. The utility said it expects to add another 120 MIGD of SWRO capacity during 2026.

Customer growth

DEWA added 19,803 customer accounts during the first quarter. Over the 12 months to the end of March, customer accounts increased by 65,086, representing annual growth of 5.08%.

The utility also commissioned two 132kV substations and 400 substations operating at 11-6.6kV during the quarter. DEWA expanded its EV Green Charger network to 2,223 charging points across Dubai, including stations operated in partnership with government and private sector entities.

Al Tayer said DEWA remained focused on innovation and sustainability in line with Dubai’s long-term economic and energy transition strategies.

Dividend policy

The utility distributed Dh3.1 billion in dividends in April for the second half of 2025 and said it expects, subject to approvals, to distribute another Dh3.1 billion in October for the first half of 2026.

Under its dividend policy, DEWA expects to pay a minimum annual dividend of Dh6.2 billion during the first five years beginning from October 2022.

The company distributes dividends semi-annually in April and October. DEWA held its annual general assembly on April 2 and paid the latest dividend on April 20 based on an April 13 record date.