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2023-08-10 11:25:35
The profits of the Dubai Electricity and Water Authority (DEWA) declined in the second quarter of 2023, by regarding 20%, to 1.93 billion dirhams.
The results were just below analysts’ expectations, which were set at two billion dirhams.
The company stated that its revenues increased by 4% to approximately 7.3 billion dirhams. DEWA attributed the decline in profits to a 73% increase in financing costs to 514 million dirhams.
The company’s board of directors approved the distribution of semi-annual cash dividends to shareholders with a total value of 3.1 billion dirhams, which is equivalent to the minimum annual profit distribution policy of 6.2 billion dirhams.
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