Emirates Central Cooling Systems Corporation, Empower, recorded record revenues last year amounting to about 3 billion dirhams, with an annual growth of 8.7 percent, benefiting from the significant growth in the number of customers it provides with its services.
The company said in a statement on Monday that its operations achieved outstanding performance last year, as the number of buildings it provides with district cooling services reached 1,522 buildings, an increase of 4 percent compared to 2022, while the length of its network of pipelines for transporting and distributing district cooling energy to various areas exceeded Dubai's areas are 398 km, an increase of 4.7 percent compared to 2022.
The company's net profits amounted to 960 million dirhams during the past year, according to the statement.
Ahmed Bin Shafar, CEO of Empower, said: Empower’s proactive readiness to deliver district cooling services to various parts of Dubai has enabled it to accommodate the rapid developments in the real estate sector, which has witnessed the completion of dozens of huge projects and the launch of a wide package of mixed-use projects.
Dividend
Empower, listed on the Dubai Financial Market, announced in its statement a proposal to distribute cash dividends to shareholders worth AED 425 million for the year 2023 in April 2024.
During 2023, Empower distributed cash dividends of 850 million dirhams in two equal installments of 425 million dirhams each during April and October. This distribution comes in implementation of the corporation's commitment to distribute dividends to its shareholders twice a year, with a cumulative value of 850 million dirhams annually during the first two financial years after its listing on the Dubai Financial Market.
Following the committed dividends for the first two fiscal years after the IPO, the corporation expects to pay sustainable dividends in line with the growth of its business, according to the statement.
