Empower reports 10.3% revenue growth in H1 2024

Emirates Central Cooling Systems Corporation PJSC (Empower), the world’s largest district cooling services provider, today announced its financial results for the first half of 2024, reporting total revenues of Dhs1.352 billion, rising 10.3 percent year-on-year (YoY).

Empower’s first six months’ EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) grew 6.0 percent YoY to Dhs693 million, while earning Dhs428 million in profit before tax with an impressive growth of 6.3 percent YoY. Net profit after tax amounted to Dhs390 million in H1 2024.

“Empower’s robust financial results for the first half of 2024 demonstrate continued success, contributing to Dubai’s economic expansion and delivering enhanced returns to shareholders”, Ahmad Bin Shafar, CEO of Empower, said.

Bin Shafar explained that Empower’s sustainable financial revenues are driven by increasing demand for its services primarily due to two factors. First, real estate developers and building owners are increasingly adopting environmentally friendly practices, seeking cooling systems that protect natural resources, reduce emissions, optimise energy consumption, and lower costs.

The second factor fueling the growing demand for Empower’s district cooling services is the increasing occupancy rates in real estate projects of various uses, led by the residential segment, and the continuous addition of new projects to the company’s portfolio.

These factors combined have contributed to the diversity of Empower’s customer base, which includes residential, commercial, healthcare, hospitality, retail, education, entertainment, and other sectors.

The first half of 2024 saw a significant increase in Empower’s business, with 56 new contracts signed to provide more than 58,300 refrigeration tonnes (RT) to reach a total contracted capacity of more than 1.72 million RT. The new contracts signed to provide Empower’s world-class cooling services to various projects and buildings in Dubai distributed across different areas include 19,000 RT in Jumeirah Village, 7,200 RT on Sheikh Zayed Road, 6,900 RT in Meydan, 6,300 RT in Jumeirah Lakes Towers, and other areas within the emirate.