Empower announces revenues of Dhs2.8 billion

Emirates Central Cooling Systems Corporation (Empower) announced its financial results for the fiscal year 2022, with a total revenue of Dhs2.8 billion, and with a remarkable growth of 13.3 per cent compared to 2021.

The company has recorded a net profit of Dhs1.001 billion, representing an increase of 7 per cent compared to the previous year. The company has also proposed a dividend amount of Dhs425 million for the second half of the year 2022, as stated in the prospectus. This outstanding performance reflects the confidence in Empower by its customers and stakeholders, and the economic boom of Dubai.

On this occasion, Ahmad Bin Shafar, CEO of Empower, said, “The year 2022 marks an important milestone in the history of Empower and a significant event in its journey towards growth and prosperity, especially following its listing on the Dubai Financial Market. The successes achieved during 2022 are unprecedented, as the company’s portfolio is growing at an accelerated pace serving a diversified portfolio of projects.”

He further stated that Empower is committed to distributing a total dividend of Dhs850 million per annum for the first two years, subject to the approval of Board of Directors and General Assembly.

Bin Shafar stressed that Empower’s leadership is creating a sustainable business model and meeting the growing demand for district cooling services. The quality and sustainability of its services and advanced infrastructure has made it one of the world’s largest player in the district cooling industry, and the most capable for expansion and planned growth, he added.