DEWA's Q3 net profit rises 9.2% to $1.2B while revenue gains 5.4%
Net profit climbed 9.2% and revenue 5.4%, though operating profit fell 3.2% as nine-month earnings at the Dubai utility reached AED 7.63 billion.
DEWA's third-quarter net profit rose 9.2% year on year to AED 4.3 billion ($1.2 billion), and revenue for the period climbed 5.4% to AED 10.87 billion ($3 billion). The Dubai electricity and water authority released the results on a Thursday.
Operating profit moved the other way. It fell 3.2% to AED 4.45 billion ($1.2 billion) from AED 4.60 billion ($1.3 billion) a year earlier. EBITDA for the quarter was AED 6.11 billion ($1.7 billion). Profit growth therefore did not come from the utility's operations, where earnings slipped.
Across the first nine months of 2026, revenue was AED 25.74 billion ($7 billion), up 3.3%. Net profit reached AED 7.63 billion ($2.1 billion), up 11.7%. EBITDA rose 2.1% to AED 13.43 billion ($3.7 billion) and operating profit 2.3% to AED 8.52 billion ($2.3 billion).
Net cash from operating activities fell 4.2% to AED 14.59 billion ($3.97 billion) from AED 15.22 billion ($4.1 billion). DEWA paid AED 3.1 billion ($844.1 million) in dividends on October 28 for the first half of 2026. The second-half payout is set for April 2027, subject to approvals.
Gross electricity generation in the quarter was 21.37 TWh, up 4.1%. Clean energy output reached 3.22 TWh, roughly 16.3% higher, and made up 15.1% of total generation. Peak demand was 11.682 GW, up 2.6%, and the gross heat rate improved 4.9%.
Desalinated water production came to 43.99 billion imperial gallons. Peak daily water demand was 483 million imperial gallons.
Customer accounts numbered 1.38 million at September 30, up 5.5%. Installed generation capacity was 19,029 MW, including 4,910 MW of clean energy. Desalination capacity stood at 615 MIGD, against 495 MIGD a year earlier. DEWA intends to exceed 23 GW of generation and reach 735 MIGD of desalination by 2030, with about 8.3 GW of that capacity renewable.
DEWA ranked 15th in a 2026 list of the Middle East's 100 most valuable companies. Managing Director and CEO Saeed Mohammed Al Tayer placed 21st in a 2026 ranking of the region's top 100 CEOs and second in the energy and utilities category of a 2026 sustainability leaders list for the Middle East.
The customer and demand figures frame the build-out: accounts are growing at more than double the rate of peak electricity demand, and desalination capacity has already added 120 MIGD in a year, with another 120 still to come by 2030. Paying for that sits alongside the dividend commitment.
