Empower, also known as Emirates Central Cooling Systems Corporation, reported an 8.7 per cent increase in annual revenue to Dhs3.04bn year-on-year (YoY), driven by a surge in the demand for cooling services.
The district cooling services firm said it’s serving 1522 buildings as at December 31 2023, a 4 per cent increase compared to 2022, while the total length of the district cooling pipeline network grew by 4.7 per cent to exceed 398 km.
Empower’s net profit reached Dhs960m while its pro forma net profit increased by 6.1 per cent to Dhs1.1bn. The company said its earnings before interests, taxes, depreciation and amortisation (EBITDA) increased by 6.2 per cent.
Ahmad bin Shafar, the CEO of Empower said the company demonstrated impressive adaptability and learning agility in 2023, navigating challenges and converting them into opportunities for future growth.
The Dubai-listed firm proposed a final dividend of Dhs425m for 2023, which will be paid by April 2024.
Empower said the distribution marks the fulfilment of its commitment to pay dividends to its shareholders twice a year, with a cumulative value of Dhs850m per annum during the first two fiscal years following its listing on the Dubai bourse.
Empower’s expansive portfolio
Empower expanded its portfolio in 2023, delivering district cooling services to a total of 1,522 buildings, across diverse sectors in Dubai. The company said 64 per cent of the buildings that it is serving are residential buildings and 15 per cent are commercial, and office buildings.
The hotel and hospitality sector represents 14 per cent, with Empower serving 21 per cent of Dubai’s hotels, totalling 821, the health sector accounts for 3 per cent with the remaining 4 per cent distributed among education, entertainment, shopping centres and other sectors.
Empower completed the acquisition of Dubai Airport district cooling assets in May and started serving Dubai International Airport in July. Dubai International Airport’s cooling capacity of 110,000 refrigeration tonnes (RT) with a value of Dhs1.1bn is equivalent to 11 times the consumption of Burj Khalifa, the world’s tallest tower.
With the addition of Dubai International Airport, the company’s district cooling portfolio now includes the Dubai International Financial Centre, Dubai World Trade Centre, Dubai Healthcare City, Meydan City, Dubai Studio City, Dubai Maritime City, Dubai Land, Palm Jumeirah, Jumeirah Beach Residence (JBR), Bluewaters Island and Business Bay, in addition to the city’s famous skyscrapers and other mega projects.
The company signed an agreement with Dubai Maritime City to provide cooling services to the maritime zone with a total capacity exceeding 63,000RT. Empower will develop district cooling infrastructure to cater to 43 existing and upcoming buildings in the development.