Empower records record annual revenues exceeding 3 billion dirhams

Today, Monday, the Emirates Central Cooling Systems Corporation (Empower) announced its financial results for the fiscal year 2023, recording record revenues amounting to 3.035 billion dirhams, a growth of 8.7% compared to revenues in 2022, while recording net profits of 960 million dirhams.

Empower announced in a statement a proposal to distribute cash dividends to shareholders worth 425 million dirhams for the year 2023 in April 2024.

The organization's revenues and earnings before interest, taxes, depreciation and amortization grew over the past year, by 8.7% and 6.2%, respectively, and preliminary net profit increased by 6.1% to reach 1.083 billion dirhams.

Net profit is subject to adjustment, calculating pre-subscription leverage and showing comparable performance. Based on absolute net profit, Empower has achieved net profits of 960 million dirhams for the year 2023.

Empower also demonstrated outstanding performance in its operational process during 2023, as the number of buildings it provides with district cooling services reached 1,522 buildings, an increase of 4% compared to 2022, while the length of its network of pipelines for transporting and distributing district cooling energy to various regions of Dubai exceeded 398. km, an increase of 4.7% compared to 2022.

Empower distributed cash dividends worth 850 million dirhams in two equal installments worth 425 million dirhams each during April and October.

This distribution comes in implementation of the corporation's commitment to distribute dividends to its shareholders twice a year, with a cumulative value of 850 million dirhams annually during the first two financial years after its listing on the Dubai Financial Market.

Following the committed dividend for the first two financial years following the IPO, the Corporation expects to pay a sustainable dividend in line with the growth of its business.

The CEO of Empower, Ahmed bin Shafar, said that the distinguished financial performance of Empower reflects the great and continuous confidence on the part of shareholders and consumers, which strengthens its position as a leading and reliable institution in the district cooling industry, noting that the year 2023 was a year full of challenges that enabled “Empower” is able to overcome them and achieve further growth and prosperity.