Dubai: Empower’s net profit tops Dhs1bn for 2022

UAE-based district cooling services provider Emirates Central Cooling Systems Corporation (Empower) reported a 7 per cent rise in net profit, totalling Dhs1.001bn, for fiscal year 2022.

Total revenue stood at Dhs2.8bn, growing 13.3 per cent compared to 2021.

The company has proposed a dividend amount of Dhs425m for the second half of the year 2022.

.@Empower_ae announced its financial results for the fiscal year 2022, with a total revenue of AED2.8 billion, up 13.3% compared to 2021. Empower has recorded a net profit of AED1 billion, representing an increase of 7% compared to 2021. #Dubai https://t.co/FQQdSEU1Ew pic.twitter.com/8rZKz7TrNz

— Dubai Media Office (@DXBMediaOffice) February 13, 2023

“The year 2022 marks an important milestone in the history of Empower and a significant event in its journey towards growth and prosperity, especially following its listing on the Dubai Financial Market,” said Ahmad bin Shafar, CEO of Empower.

He further stated that Empower is committed to distributing a total dividend of Dhs850m per annum for the first two years, subject to the board’s general assembly’s approval.

Read: Empower rises in Dubai trading debut after $724m IPO

Sectors’ share in our district cooling portfolio in Dubai by the end of 2022

64%
Residential buildings

15%
Commercial buildings

14%
Hospitality

4%
Education, entertainment, retail sectors, and others.

3%
Health sector pic.twitter.com/JiWI1x8YgS

— EMPOWER (@Empower_ae) February 13, 2023

By the end of 2022, Empower has provided district cooling services to more than 1,463 buildings, including the recently added Atlantis The Royal Hotel, Museum of the Future, Marsa Al Arab, One Zabeel and Wasl1, among others, Bin Shadar stated.

The company expanded its network to more than 380 kilometers by the end of the year, surging its share in Dubai’s district cooling market to more than 80 per cent.

The CEO said that in 2023 Empower will mainly focus on “ensuring profitable and sustainable returns to its shareholders, investing in developing the district cooling infrastructure of the company, and expanding its transmission and distribution networks to cover more regions in the Emirate of Dubai.”

District cooling plants
The DFM-listed company announced last year that it had begun operations of the first phase of its Zabeel District Cooling plant with a production capacity of 27,750 refrigeration tons (RT). The total production capacity of the plant will reach 50,000 RT upon its completion.

The company also started operations of the first phase of its fourth district cooling plant in Dubai’s Business Bay area, with a production capacity of 27,750 RT. The plant’s total production capacity will reach 50,000 RT upon the completion of all construction phases by the end of September 2023.

Empower has also awarded a contract the past year, for the construction of a district cooling plant in the Dubailand Residence Complex development, for a total value of Dhs193m. The plant will have a production capacity of 23,500 RT with the completion of the first phase, and is set to be operated during the first quarter of 2023.