Emirates Central Cooling Systems Empower announced the distribution of 400 million dirhams in cash profits for the year 2019.
According to Emirates News Agency, these distributions represent 46% of the total net profit of 871 million dirhams recorded by Empower for the past fiscal year, an increase of 8.3% compared to 2018.
The company also recorded a total revenue of 2.19 billion dirhams in the same year, an increase of 7.9% compared to 2018, and the total distributions to shareholders reached 2250 billion dirhams since 2004.
The results in general and profits reflect in particular the company's strength and leadership in the district cooling industry locally and globally and at the same time demonstrate the success of its proactive strategy in investing in infrastructure and its continuation of building and developing assets that ensure sustainable revenues and high flexibility in keeping pace with the growing demand.
Ahmed Bin Shafar, Chief Executive Officer of Empower, affirmed the Foundation’s commitment to achieving added value for the Dubai economy, the company’s shareholders and the 120,000 dealers distributed among 1180 buildings between a real estate developer, owner, and end-user .. stressing that the results of 2019 and its profits are a new page in the record of success that has continued since 16 years and heralds more thoughtful growth.
Bin Shafar pointed out that the expected results of Empower for the current year 2020 are more promising than its predecessors, especially after the conclusion of huge contracts with a total value exceeding 1.1 billion dirhams during 2019 and the scope of the work of those contracts covers engineering consulting, construction, design and operation of refrigeration stations and expansion of the pipeline network for transporting services and extending new networks to serve The latest projects in Dubai, in addition to building thermal energy exchange rooms, water tanks and many more.
