DUBAI, UAE, 4 August 2023:Emirates Central Cooling Systems Corporation PJSC (EMPOWER), reported consolidated financial results for the first six months of 2023. Making the announcement through a Press release, Empower said it recorded half-yearly revenue of AED 1,225 million and EBITDA of AED 654 million. 

According to Empower, the consolidated revenue for the last 12 months was AED 2.86 billion (July 2022 – June 2023) compared to AED 2.63 billion (July 2021- June 2022), showing a growth of 9.1%. Further, Empower said the EBITDA for the period was AED 1.42 billion (July 2022- June 2023) compared to AED 1.28 billion (July 2021-June 2022), with a growth of 10.9%. The District Cooling utility provider added that the first six months’ revenue and EBITDA grew by 6.1% and 7.4%, respectively, in 2023. For the same period, Empower said, its pro forma net profit grew by 7.4% to AED 464 million. This pro forma Net Profit comparison, the company added, adjusts for pre-IPO leverage to show comparable quarterly performance, and on an absolute net profit basis, it has a net profit of AED 403 million.

H.E. Ahmad Bin Shafar, CEO, Empower, said: “The results of the first half of 2023 are a realistic translation of the promises made by Empower to investors and shareholders. We aim to maintain upward, thriving and sustainable operational and financial performance to benefit our stakeholders significantly and contribute to Dubai’s economy, its residents, and various economic sectors.” H.E. Bin Shafar added that Empower continues to take steady and consistent steps toward expanding its operations and investments in its portfolio of assets and infrastructure. Moreover, he said that this is to keep up with the growing demand in the District Cooling market in Dubai and create investment opportunities with rewarding returns for investors and shareholders.

H.E. Ahmad Bin Shafar

According to Empower, the first half of 2023 witnessed significant developments in its business, including acquiring the right to operate the District Cooling systems of Dubai International Airport, with a total capacity of 110,000 RT, valued at AED 1.1 billion. Empower said it has also entered into several exclusivity agreements, including concessions agreements with major real estate development projects, such as Dubai Maritime City (DMC), to provide its projects District Cooling services with a capacity exceeding 63,000 RT and Sobha Real Estate to provide 17,000 RT District Cooling services for the Sobha Hartland project. During the period, Empower added, it started providing its services to DMC by connecting the Anwa residential tower in Dubai Maritime City, with a total capacity of 1,260 RT through the company’s DMC District Cooling plant. Additionally, Empower said, it had commenced operations of its new District Cooling plant in Dubailand, with a capacity of 47,000 RT, and initiated the upgradation of its JBR District Cooling plant in Dubai with modern and innovative technologies.

During the first half of 2023, Empower said, it sponsored the International District Energy Association Conference and Exhibition, IDEA 2023, held recently in Chicago, United States, as a Diamond Sponsor. The company added that it has also won various international awards during the period, including two IDEA gold awards in the categories Total Number of Buildings Committed and Total Building Area Committed and two gold awards from the Golden Bridge Business and Innovation Awards 2022, UK.