Empower reports Dhs3.3 billion in revenues in 2024

Emirates Central Cooling Systems Corporation (Empower) announced its financial results for the fiscal year 2024, recording a historic annual revenue of Dhs3.3 billion, reflecting an impressive 7.4 per cent YoY growth, and a net profit of Dhs908 million for the year 2024.

The company’s profit before tax increased by 5.9 per cent compared to 2023, reaching Dhs 998 million for 2024. Empower achieved a total net profit after tax of Dhs908 million for the year 2024.

In 2024, Empower distributed cash dividends amounting to Dhs850 million in two equal installments of Dhs 425 million each, disbursed in April and October, as part of its commitment of annual payout of Dhs850 million during the first two fiscal years following its listing on the Dubai Financial Market.

Empower anticipates maintaining sustainable dividend payments in alignment with its business growth.

The contracted capacity increased by 6.9 per cent compared to 2023 and reached 1.78 million refrigeration tonnes (RT) after signing 111 contracts during the year. The total length of Empower’s distribution pipeline network across various areas of Dubai has exceeded 418 kilometres, and the total number of district cooling plants reached 88.

The number of buildings served by the company with its district cooling services reached 1,637 buildings in 2024, an increase of 7.2 percent compared to 2023. Out of the total number of buildings served, 67 per cent are residential buildings, 14 per cent are commercial buildings and office spaces, 13 per cent are in the hospitality and hotel sector, and 2 percent are in the healthcare sector.

The remaining 4 per cent is distributed across the education, entertainment, and other sectors.

Empower’s customer base has surpassed 143,000, with district cooling consumption rising by 10 per cent (in RTh) in 2024 compared to the previous year.

Additionally, the bill payments processed through the digital payment channels of Empower and its strategic banking and financial partners totalled 888,860 transactions in 2024, reflecting a 10 percent increase compared to 2023.

Empower approved 42,735 applications for No Objection Certificates (NOCs) in 2024, marking a 22 per cent increase compared to the previous year. The NOCs enable building owners, consultants and contractors to execute their desired projects easily, avoiding violations, damages, and fines and saving time and effort.

Ahmad bin Shafar, CEO of Empower, stated that the company has successfully leveraged Dubai’s vibrant economic landscape to achieve its strategic goals while capitalising on the significant growth in the real estate sector across residential and commercial, hospitality, and entertainment sectors.

WAM