Empower reports 44% year-on-year increase in Q1 2026 net profit

DUBAI, UAE, 7 May 2026: Emirates Central Cooling Systems Corporation (Empower) announced its financial results for the first quarter of 2026. Making the announcement through a Press Release, the company said it recorded total revenue of AED 631 million, representing an increase of 16.8% compared to the same period in 2025. Empower said it recorded EBITDA of AED 358 million, while pre-tax net profit reached AED 229 million. The company said net profit after tax amounted to AED 208 million for the first quarter ending 31 March 2026, reflecting a 44% increase compared to the first quarter of 2025.

H.E. Ahmad Bin Shafar, CEO, Empower, said: “The results reflect the strength of Empower’s business model and our ability to deliver sustainable growth. The exceptional performance in revenue and net profit during the first quarter of 2026 was driven by higher capacity additions and a reduction in operational costs, supported by a well-planned expansion strategy and the sustained increase in demand for District Cooling services across Dubai. We continue to operate in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which aims to position Dubai as a global benchmark for sustainable cities through the implementation of energy-efficient solutions and development of advanced infrastructure.

“We focus on enhancing the efficiency of our operational assets and expanding our capacity to keep pace with the emirate’s rapid urban development, while maintaining the highest standards of operational and environmental sustainability. We also continue to invest in innovation and adopt global best practices, thereby strengthening our ability to deliver sustainable added value to our shareholders, support the transition to a low-carbon economy, and reinforce Empower’s global leadership in the District Cooling sector.”

Citing its financial statements, Empower said it recorded consolidated revenue of AED 3.51 billion over the twelve-month period from April 2025 to March 2026, compared to AED 3.26 billion for the period from April 2024 to March 2025, reflecting a growth of 7.6%. The company said EBITDA reached AED 1.71 billion over the same period, compared to AED 1.53 billion for the corresponding 12-month period ending March 2025, marking an increase of 11.7%.

Empower said its Annual General Meeting, held in March 2026 with a quorum of 85% of the company’s paid-up share capital, approved the Board of Directors’ proposal to distribute cash dividends of AED 437.5 million to shareholders for the second half of 2025.

The company said the first quarter of 2026 witnessed significant business growth, with the signing of 28 new contracts to supply 35,662 refrigeration tons of cooling services to projects and buildings across Dubai. Empower said this increased its total contracted capacity to 1.98 million refrigeration tons. The company said it signed a master agreement with Meraas to supply cooling services to the City Walk phase 3 project and the Verve building, totalling 17,500 refrigeration tons.

Empower said it added 33,500 refrigeration tons to its total connected load and expanded its customer base to approximately 160,000 customers across 1,776 buildings during the first quarter of 2026. The company said newly connected buildings include Sobha Creek Vista Heights, Verde by Sobha and Binghatti Elite, among others. Empower said the expansion reflects its commitment to supporting Dubai’s growing real estate sector through efficient and sustainable cooling solutions.

As part of its expansion strategy, Empower said it awarded a contract during the first quarter to design its fifth District Cooling plant in the Business Bay development in Dubai. The company said construction of the plant is scheduled to commence in the fourth quarter of 2026, with a total cooling capacity of approximately 44,000 refrigeration tons upon completion.

Empower said the Dubai Electricity and Water Authority increased its stake in the company to 80% during the reporting period, reflecting an increase in DEWA’s controlling stake.