DUBAI, UAE, 14 February 2023: Emirates Central Cooling Systems Corporation PJSC (Empower) announced its financial results for the fiscal year 2022, with a total revenue of AED 2.8 billion, and a growth of 13.3% compared to 2021.

Making the announcement through a Press release, the company said it has recorded a net profit of AED 1.001 billion, representing an increase of seven per cent, compared to the previous year. The company said it has also proposed a dividend amount of AED 425 million for the second half of the year 2022, as stated in the Prospectus.

Speaking on the occasion, H.E. Ahmad Bin Shafar, CEO, Empower, said: “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. The successes achieved during 2022 are unprecedented, as the company’s portfolio is growing at an accelerated pace serving a diversified portfolio of projects.”

H.E. Bin Shafar further stated that Empower is committed to distributing a total dividend of AED 850 million per annum for the first two years, subject to the approval of the Board of Directors and General Assembly.

H.E. Bin Shafar stressed that Empower’s leadership in creating a sustainable business model and its superiority in meeting the growing demand for District Cooling services, as well as the quality and sustainability of its services and advanced infrastructure, has made it the world’s largest player in the District Cooling industry, and the most capable for expansion and planned growth. “Thanks to our innovative business model, we have managed to expand and achieve consistent growth based on ambitious proactive plans that focus on upgrading the capabilities of our teams, investing in infrastructure, and adopting modern and advanced technologies in its kind,” H.E. Bin Shafar said.

H.E. Bin Shafar pointed out that by the end of 2022, Empower has provided District Cooling services to more than 1,463 buildings, most notably the recently added Atlantis The Royal Hotel, Museum of the Future, Marsa Al Arab, One Zabeel and Wasl1, bringing the demand for District Cooling services high by 13.3% compared to 2021.

The CEO also commented that the company has worked hard during 2022 to provide District Cooling services to various regions in Dubai by expanding its network to more than 380 kilometres by the end of the year, allowing the company to increase its share in Dubai’s District Cooling market to more than 80%.

He 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”.

Empower said in the Press release that it caters to vital sectors in the Emirate of Dubai, as it provides
District Cooling services to more than 64% of the residential buildings and 15% of the commercial buildings in Dubai. The hospitality sector’s share is 14%, and the health sector accounted for three per cent, with the remaining four per cent distributed among the education, entertainment and retail sectors. Bin Shafar said that catering to various sectors in Dubai will continue with the aim of helping the sectors assume their responsibilities in reducing carbon emissions and enhancing Dubai’s endeavours to achieve a green economy and sustainable development.

During 2022, Empower said, it announced the commencement of operations of the first phase of its Zabeel District Cooling plant, with a production capacity of 27,750 refrigeration tons (RT). The company indicated that the total production capacity of the plant will reach 50,000 RT upon its completion, noting that the interconnection between the new Zabeel Plant and the Dubai International Financial Center Plant will bring a total production capacity to 112,000 RT.

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

Empower said it also awarded a contract in the past year for the construction of a new-generation District Cooling plant in the Dubailand Residence Complex development, for a total value of AED 193 million, with the aim of providing environmentally friendly District Cooling services to the development. 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, the company said. The total capacity of the new plant will reach 47,000 RT upon completion of the whole project, the company indicated.

Empower highlighted how, in 2022, it announced the commencement of a scaling-up plan that includes expansions and qualitative developments of the infrastructure of its District Cooling systems in the Business Bay region, with the objective of ramping up on efficiency like never before and making the Business Bay region the single largest and independent urban District Cooling project in the world, with a total capacity of 450,000 RT through six District Cooling plants and 10 thermal energy storage (TES) systems, including the current and upcoming plants and systems.

Empower confirmed that it is moving forward with investments to expand its operations in Dubai, as part of its commitment to modernise and develop its facilities and technical staff, in order to meet what it described as increasing demand for its services from individuals, establishments and companies.

Empower also highlighted how it won various awards during the past year, notably two gold awards from IDEA 2022, held in Toronto, Canada, in the categories ‘Number of Buildings Committed’ and ‘Total Building Area Committed’. The company pointed out that it had won gold awards from IDEA for these categories during the years 2016, 2017, 2018, 2019 and 2021. It said it had also won more than 16 times multiple awards in different categories during the past years, in addition to several awards in different global conferences and exhibitions.

The company said it also won two Golden Bridge Business and Innovation Awards 2022. The company achieved the gold award for the category ‘Company of the Year’ in the Energy & Utilities sector, in recognition of its achievements during 2022, its practical innovations in developing the District Cooling industry in the world, and its upgrading of sustainability standards in the sector. H.E. Bin Shafar, it said, won the gold award in the ‘Executive Achievement of the Year’ category in the Energy & Utilities sector, in recognition of his prominent role in encouraging the region to adopt District Cooling systems, as well as his pioneering role in leading Empower.

In addition, the company said, it was successfully re-certified with ISO standards in 2022, including the quality management system (ISO 9001:2015), the environmental management system (ISO 14001:2015) and the occupational health and safety management system (ISO 45001:2018), which serve to highlight its commitment to adopting best practices, standards and management systems related to quality, environment, occupational health and safety, and to recording the highest levels of quality in providing District Cooling services and operations to achieve the highest levels of satisfaction and happiness of its more than 110, 000 customers.

“Empower has a clear vision and effective strategies for its expansion in line with the vision of the wise leadership in the transition towards sustainability,” H.E. Bin Shafar said. “We seek to add new production capabilities that contribute to reducing costs and enhancing energy efficiency through using the most advanced technologies that we have developed.”