Declares dividends for the first time for its shareholders

Empower has announced that it has achieved a net profit of AED 248 million for the fiscal year ending December 31, 2013, representing a 31%  growth on 2012. The company’s total revenues reached AED 850 million – a 21% increase from the previous year, the announcement added.

Commenting on the company’s financial results, Ahmad Bin Shafar, CEO, Empower, said: “[The year] 2013 was a remarkable year for Empower, as it acquired Palm Utilities (PU) and Palm District Cooling (PDC). Together with PDC, another leading district cooling service provider, operating in the developments of Nakheel and DMCCA, Empower’s market share has increased to more than 70% in the UAE. Empower has achieved the position of world’s largest District Cooling service provider in terms of capacity.”

Highlighting that as per Dubai’s State of Energy Report 2014, District Cooling services have been identified as one of the key measures in which the Emirate can optimise the use of energy resources, Bin Shafar said that the UAE and the GCC governments were committed to promoting District Cooling to reduce their dependence on conventional cooling systems.

“Based on last year’s performance and cash flow projections, Empower has declared dividends for the first time to be paid to its shareholders. Empower’s cautious strategy of building District Cooling assets in line with demand has proved beneficial for all of its stakeholders, and will continue to generate higher and consistent returns in the future,” Bin Shafar added.