Empower reports Dhs3.3bn in revenues in 2024

Emirates Central Cooling Systems Corporation (Empower) has announced a historic annual revenue of Dhs3.3bn for 2024, reflecting an impressive 7.4 per cent year-on-year growth and a net profit of Dhs908m for the same period.

“Empower has successfully leveraged Dubai’s economic landscape to achieve its strategic goals, capitalising on the significant growth in the real estate sector, including residential, commercial, hospitality, and entertainment sectors,” said Ahmad bin Shafar, CEO of Empower.

Increase in company profits

According to a Wam report, the company’s profit before tax rose by 5.9 per cent compared to 2023, reaching Dhs998m for 2024. Empower’s net profit after tax for 2024 stood at Dhs908m.

The company anticipates maintaining sustainable dividend payments in line with its business growth.

Expansion and growth of the company

Empower’s contracted capacity grew by 6.9 per cent, reaching 1.78 million refrigeration tonnes (RT) in 2024, after signing 111 contracts during the year. The total length of Empower’s distribution pipeline network across various areas of Dubai now exceeds 418 kilometers, and the number of district cooling plants has reached 88.

Buildings served by Empower

The number of buildings served by Empower with district cooling services reached 1,637 in 2024, marking a 7.2 per cent increase from 2023.

The breakdown of these buildings is as follows:

• 67 per cent are residential buildings
• 14 per cent are commercial buildings and office spaces
• 13 per cent are in the hospitality and hotel sector
• 2 per cent are in the healthcare sector

The remaining 4 per cent are spread across the education, entertainment, and other sectors.

Empower’s growing customer base

Empower’s customer base has surpassed 143,000, with district cooling consumption rising by 10 per cent (in refrigeration tonnes) in 2024 compared to the previous year.