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FINANCIAL NEWS
Dubai’s DEWA reports USD1.27b profit in 2012
11 Feb 2013
(MENAFN) Dubai Electricity and Water Authority (DEWA) said it has achieved a 6 percent increase in its profits during 2012, Reuters reported.
The company attributed the improved results to higher revenues and a rise in cash generated from core operations.
The state-owned utility said it made USD1.27 billion net profit last year, up from USD1.2 billion realized in 2011.
Core operations generated USD2.04 billion in 2012, higher than USD2.01 billion in the previous year, while sales revenue increased 7 percent over 2011, the utility said.
Moreover, DEWA said that its net debt last year declined to USD5.61 billion, compared to USD6.23 billion in 2011.
DEWA plans to repay USD1.15 billion debt maturing this year.
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