UAE’s Empower posts Dhs2.27bn in nine-month revenue

Empower, also known as Emirates Central Cooling Systems Corporation, said its net revenue in the first nine months of 2023 rose by 9.5 per cent to Dhs2.27bn year-on-year (YoY), driven by an increase in demand for cooling services.

The district cooling services firm’s earnings before interests, taxes, depreciation and amortisation (EBITDA) reached Dhs1.07bn for the nine-month ending September 30, up 7.5 per cent YoY.

The company reported a net profit of Dhs685m during the period under review and paid a cash dividend of Dhs425m for the first half of 2023.

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 continues to expand its operations, invest in its asset portfolio, and develop its infrastructure to meet the growing demand in Dubai’s district cooling market,” said Ahmad bin Shafar, the CEO of Empower.

Bin Shafar explained that the company’s results promise shareholders long-term, sustainable profits and reflect the district cooling firm’s commitment to maintaining strong, profitable, and sustainable operational and financial performance.

Empower’s 2023 milestone

Meanwhile, 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) 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.

Empower added nearly a dozen new buildings to its portfolio in Q3 2023, with 70 per cent of these being residential, 20 per cent commercial, and 10 per cent mixed-use buildings.

Iconic projects in Dubai, such as Sobha Real Estate’s ‘S’ Tower and the final phase of Zabeel One were connected to Empower’s network during this period.

The cooling services provider signed nearly 25 new agreements with building owners during the period to provide them with environmentally friendly district cooling services.

This resulted in an addition of approximately 26,000 RT in the company’s contracted capacity from the existing portfolio of master concession agreements.

Empower awarded a set of contracts to build an advanced next-generation district cooling plant and expand the district cooling pipeline network in the Jumeirah Beach Hills area.

Read: Empower adds Dubai International Airport to its district cooling portfolio