Empower records its highest-ever revenue in 2023

Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, announced its financial results for the fiscal year 2023, with a record revenue of Dhs3.035 billion, marking a significant growth of 8.7 % compared to 2022.

The company has recorded a net profit of Dhs60 million for the reporting year. In a press statement, Empower has also proposed a final dividend of Dhs425 million for 2023, to be paid by April 2024 to its shareholders.

For the year 2023, Empower’s revenue and EBITDA grew by 8.7% and 6.2% respectively. The pro forma Net Profit grew by 6.1% to Dhs1,083 million. This pro forma Net Profit comparison adjusts for pre IPO leverage to show comparable performance. On an absolute basis, Empower reported a net profit of Dhs960 million for the year 2023.

Empower has also excelled in its operational performance; the number of buildings catered by Empower’s district cooling services reached 1522 buildings by the end of 2023 with an increase of 4% compared to 2022, while the total length of the district cooling pipeline network exceeded 398 kilometers with an increase of 4.7% compared to 2022.

Dividends Empower paid a cash dividend of Dhs 850 million during the year 2023 in 2 equal installments of Dhs 425 million each in April and October. The distribution marks the fulfillment of Empower’s commitment to pay dividends to its shareholders twice a year, with a cumulative value of Dhs 850 million per annum during the first two fiscal years following its listing on the Dubai Financial Market.