Emirates Central Cooling Systems Corporation PJSC (Empower) has reported strong financial results for the first quarter of 2024, with revenue reaching Dh538 million, a growth of 8.8 per cent, and earnings before interest, taxes, depreciation, and amortization (Ebitda) of Dh313 million, up by 8.2 per cent compared to the same period in 2023. The company also achieved a profit before tax of Dh182 million, reflecting an 8.6 per cent increase, and a net profit after tax of Dh166 million for the quarter ending March 31, 2024.
Empower’s financial statements show a consolidated revenue of Dh3.1 billion over the past twelve months, from April 2023 to March 2024, representing a significant growth of 9.2 per cent compared to the previous twelve-month period. The Ebitda for the same period amounted to Dh1.5 billion, a 6.2 per cent increase from the prior year. CEO Ahmad Bin Shafar attributed this growth to heightened demand for the company’s services in various projects across Dubai.
Bin Shafar highlighted the recovery of diverse economic activities in Dubai, particularly in the real estate sector, as a key factor driving Empower’s financial performance. The company’s expansion and operational capacity have been fueled by the increasing demand for district cooling services, with 37 new contracts signed in the first quarter to provide refrigeration tons to different projects and buildings in Dubai.
Empower’s annual general meeting approved the distribution of cash dividends to shareholders for the second half of 2023 amounting to Dh425 million, equivalent to 42.5 per cent of the company’s paid-up capital, fulfilling its commitment to disburse Dh850 million as annual dividends. The growing acceptance of environmentally friendly district cooling services among real estate developers and building owners in Dubai is reflected in the company’s increasing connected capacity, which now stands at over 1,522,000 refrigeration tonnes, with an addition of around 10,000 RT during the quarter.
Overall, Empower’s strong financial performance in the first quarter of 2024 is a testament to its solid growth trajectory and strategic positioning in the district cooling services industry. With a focus on meeting the rising demand for sustainable cooling solutions in Dubai’s real estate sector, the company continues to expand its operations and enhance its service offerings to cater to a growing market. By leveraging its expertise and innovative approach, Empower remains a key player in the UAE’s district cooling sector and is well-positioned for future growth and success.
