Asan Tata— November 14, 2026Dubai Electricity and Water Authority (DEWA) has reported a DEWA record profit for the first nine months of 2026. Profit after tax reached AED 7.63 billion, up 11.7 per cent year on year, and revenue also set a record at AED 25.74 billion. The results were announced on 12 November 2026 and filed with the Dubai Financial Market.
DEWA is Dubai’s sole provider of electricity and water services, and it is listed on the Dubai Financial Market. Its results matter to residents because they show how fast demand for power and water is growing, and to investors because DEWA pays regular dividends. This article explains the headline numbers, what drove the growth, how clean energy is performing, what shareholders receive, and what it means for people in Dubai.
Quick Answer
DEWA earned a record profit after tax of AED 7.63 billion in the first nine months of 2026, up 11.7 per cent year on year. Revenue rose 3.3 per cent to a record AED 25.74 billion. Growth came from higher demand for electricity, water and district cooling, and nearly 72,000 new customer accounts. DEWA paid AED 3.1 billion in dividends on 28 October 2026, and the next dividend is scheduled for April 2027.
DEWA Record Profit: Nine-Month Results at a Glance
The table below sets out the main figures for the first nine months of 2026, compared with the same period in 2025.
| Measure | First nine months of 2026 | Change year on year |
|---|---|---|
| Revenue | AED 25.74 billion | Up 3.3% |
| Profit after tax | AED 7.63 billion | Up 11.7% |
| Profit before tax | AED 8.37 billion | Not stated separately |
| EBITDA | AED 13.43 billion | Up 2.1% |
| Operating profit | AED 8.52 billion | Up 2.3% |
| Cash from operations | AED 14.59 billion | Not stated separately |
| Customer accounts | 1,380,844 | Up 5.5% |
Both revenue and profit after tax were the highest DEWA has ever reported for a nine-month period. Profit grew faster than revenue, so costs grew more slowly than income. Profit after tax was AED 6.83 billion in the first nine months of 2025, so the rise to AED 7.63 billion is an increase of AED 0.80 billion in one year.
Third Quarter 2026: Stronger Growth
The third quarter, from July to September 2026, was stronger than the first half of the year. Revenue rose 5.4 per cent to AED 10.87 billion, and profit after tax rose 9.2 per cent to AED 4.30 billion. Quarterly EBITDA stood at AED 6.11 billion, and operating profit reached AED 4.45 billion.
The third quarter is normally DEWA’s busiest period. Summer heat drives air conditioning use to its highest level, lifting demand across homes, offices, hotels and malls. The 5.4 per cent revenue growth in the quarter was well above the 3.3 per cent growth for the nine months as a whole, so demand picked up as the year went on. Saeed Mohammed Al Tayer, Vice Chairman and Managing Director and CEO of DEWA, said the results reflected the resilience of the authority’s business model, and that DEWA would keep investing in infrastructure to support Dubai’s growth.
Why Revenue and Profit Grew
Three forces drove the results: demand, as Dubai keeps growing and more homes, offices, hotels and factories use more power and water; the customer base; and district cooling and other services, which add to the core business. DEWA said growth across its businesses reflected the breadth of its operations. In simple terms, it earns money from more than one source.
Gross electricity generation in the third quarter rose 4.13 per cent to 21.37 terawatt hours, against 20.53 terawatt hours a year earlier. Peak demand reached 11.682 gigawatts, up 2.55 per cent year on year. Peak demand is the highest level of use at any one moment, and it decides how much capacity a power system must have. A rising peak means DEWA must keep adding capacity, or the system would come under strain on the hottest days.
Efficiency also improved. The gross heat rate improved by 4.89 per cent to 7,268 BTU per kilowatt hour. The heat rate measures how much fuel is needed to produce one unit of electricity, and a lower rate means less fuel for the same output, which saves money and cuts emissions.
Clean Energy Keeps Growing
Clean energy was one of the strongest parts of the results. In the third quarter, clean energy generation rose by about 16.3 per cent year on year to 3.22 terawatt hours, up from 2.77 terawatt hours a year earlier, supplying 15.1 per cent of all electricity generated in the quarter. That growth was far faster than the 4.13 per cent growth in total generation, so clean sources are taking a larger share of Dubai’s power mix each year.
As of 30 September 2026, DEWA’s total installed generation capacity stood at 19,029 megawatts, and 4,910 megawatts came from clean energy sources, more than a quarter of the total. The clean energy programme is built around large solar projects, including the Mohammed bin Rashid Al Maktoum Solar Park. Solar suits Dubai well, because panels produce most power during the hot afternoon hours, when air conditioning demand is highest. DEWA’s vision is to become a globally leading sustainable corporation committed to net zero by 2050.
Water Production and Capacity
Water is the other half of DEWA’s business. Dubai has almost no natural fresh water, so nearly all drinking water comes from desalination, which removes salt from sea water. In the third quarter of 2026, DEWA produced 43.99 billion imperial gallons of desalinated water, with peak daily demand at 483 million imperial gallons.
Installed desalinated water production capacity stood at 615 million imperial gallons per day as of the third quarter of 2026, up from 495 million a year earlier. That gives Dubai more room to meet demand on hot days and to supply new homes and businesses.
DEWA plans to raise desalinated water capacity to 735 million imperial gallons per day by the end of 2030. Around 308 million imperial gallons per day is planned to use seawater reverse osmosis powered by renewable energy. Reverse osmosis pushes sea water through membranes that filter out salt, uses less energy than older thermal methods, and pairing it with renewable power cuts emissions further.
More Customers, More Demand
DEWA served 1,380,844 customer accounts as of 30 September 2026, up nearly 72,000 accounts on a year earlier. Each account is a home, a shop, an office or another property connected to DEWA’s network. An increase of 72,000 accounts in one year is a clear sign of growth, as new homes are built and occupied and new businesses open.
The growth in accounts also explains part of the revenue growth, because more customers mean more bills. For residents, the practical point is simple: a growing customer base means DEWA must invest ahead of demand, or the system could struggle on peak summer days. The results show that investment is continuing, with capacity rising in both electricity and water.
Dividends: What Shareholders Receive
DEWA is listed on the Dubai Financial Market, so members of the public can own shares in it. The company pays dividends twice a year, in April and October. Under its dividend policy, DEWA expects to pay a minimum annual dividend of AED 6.2 billion during the first five years starting in October 2022, split into two payments of AED 3.1 billion each.
DEWA paid AED 3.1 billion to shareholders on 20 April 2026 for the second half of 2025, and a further AED 3.1 billion on 28 October 2026 for the first half of 2026. The next dividend, for the second half of 2026, is scheduled for April 2027, subject to approvals. The dividend is a direct cash return on investment, and the record profit supports it.
Anyone thinking of buying DEWA shares should remember that share prices can go up and down, and past dividends do not guarantee future dividends. This article is not investment advice. Readers should check the latest company filings and, if needed, speak to a licensed financial adviser first.
Capacity Plans to 2030
DEWA plans to exceed 23 gigawatts of installed power generation capacity by the end of 2030, against about 19 gigawatts at the end of September 2026. Around 8.3 gigawatts of the planned capacity is expected to come from renewable energy. The 2030 targets matter because Dubai’s demand keeps rising, and DEWA must build capacity before that demand arrives, not after.
What This Means for Dubai Residents
The results do not change what residents pay for electricity and water. The announcement did not include any change to tariffs, which are set separately and would be announced through official channels. Residents should not expect their bills to rise or fall because of these results alone.
What the results do show is that Dubai’s utility system is keeping up with growth. More customers are joining the network, and capacity is rising to meet their needs. Reliability is the main benefit for residents, because a system that invests ahead of demand is less likely to face shortages or outages. For people moving to a new home, the results are a useful background check: a utility adding 72,000 accounts a year can connect new homes without long delays, although new connections still need the normal steps, such as an Ejari registration and a DEWA account.
How to Check Your DEWA Bill and Services
Residents can manage their DEWA account through the official DEWA website and the DEWA smart app, where they can view bills, pay online, track consumption and request services. New customers can also apply for a connection there. To check a bill, customers need their DEWA account number, which appears on the bill and in the app. Anyone who thinks a bill is wrong should first check the meter reading and consumption, then ask DEWA’s customer service to review the account. People moving home should transfer or close their account before they leave, so a final bill is issued and any deposit is refunded.
Frequently Asked Questions
What was DEWA’s profit in the first nine months of 2026?
Profit after tax was AED 7.63 billion, up 11.7 per cent from AED 6.83 billion a year earlier, the highest nine-month profit DEWA has ever reported.
How much revenue did DEWA earn in the same period?
Revenue was AED 25.74 billion, up 3.3 per cent from AED 24.92 billion a year earlier. In the third quarter alone, revenue was AED 10.87 billion, up 5.4 per cent.
When will DEWA pay its next dividend?
The next dividend is scheduled for April 2027, in respect of the second half of 2026, subject to approvals. DEWA paid AED 3.1 billion on 28 October 2026 for the first half of 2026.
How many customers does DEWA serve?
DEWA served 1,380,844 customer accounts as of 30 September 2026, nearly 72,000 more than a year earlier, an increase of 5.5 per cent.
How much of Dubai’s electricity comes from clean energy?
In the third quarter of 2026, clean energy supplied 3.22 terawatt hours, or 15.1 per cent of total generation, up 16.3 per cent year on year. Installed clean capacity was 4,910 megawatts out of 19,029 megawatts in total.
Will DEWA bills change because of these results?
No change to tariffs was announced with these results. Any future tariff change would be announced separately through official channels.
Disclaimer
This article is for general information only. All figures come from DEWA’s nine-month 2026 results as reported by the Emirates News Agency (WAM) on 12 November 2026 and covered by Khaleej Times and Gulf News. Figures may be rounded, and the full audited results may differ from the interim figures. This article is not investment advice. Anyone considering buying DEWA shares should check the latest Dubai Financial Market filings and seek independent advice if needed. Tariffs and services can change, so readers should confirm current details on the official DEWA website before acting.
Sources: Emirates News Agency (WAM), 12 November 2026; Khaleej Times, 12 November 2026; Gulf News, 12 November 2026.
Last Updated: 14 November 2026
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