Empower records its highest-ever revenue in 2023 - GulfToday

Empower records its highest-ever revenue in 2023


Photo used for illustrative purpose.

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.


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