DUBAI, UAE, 27 March 2024:  Emirates Central Cooling Systems Corporation PJSC (Empower) announced that its Annual General Meeting (AGM), convened with a quorum of 90.4% of the company’s paid-up share capital, has approved its Board of Directors’ proposal to distribute cash dividends of AED 425 million (AED 0.0425 per share equivalent to 42.5% of the company’s paid-up capital) to shareholders for the second half of the year 2023. 

Making the announcement through a Press release, Empower said H. E. Saeed Mohammed Al Tayer, Chairman, Empower, chaired the AGM, held on March 27 at Habtoor Palace in Dubai, and attended by H.E. Ahmad bin Shafar, Chief Executive Officer, and members of the Board of Directors of Empower. Empower said the meeting reviewed the company’s performance and approved the financial statements and the auditor’s report for the financial year ending December 31, 2023. Furthermore, Empower said, its shareholders approved the other agenda items presented at the AGM. 

Empower said that it was listed in 2022 on the Dubai Financial Market (DFM) under the symbol (EMPOWER) and the International Securities Identification Number (ISIN: AEE01134E227). Empower said the company’s financial results for the year ended December 31, 2023, showed the highest-ever revenue of AED 3.035 billion, with net profit amounting to AED 960 million. Furthermore, the District Cooling utility provider added that the above dividend distribution is in alignment with the company’s dividend distribution policy, shared with investors. The company also said that it expects to pay a minimum dividend amount of AED 850 million per annum in the first two fiscal years following its listing on the DFM, and added that it paid the dividend for the first half of the year 2023 in October. 

H.E. Al Tayer said: “Empower continues to record growing financial results. Thanks to its unique business model, which is a true reflection of the sustainable economy, whose pillars are inspired by the insightful vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as well as the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and the follow-up of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. 

“Empower, as a District Cooling services provider, is committed to achieving sustainable returns and rewarding profits for shareholders through thoughtful expansion in the local market, increasing the scope of its services to customers, and enhancing its operational efficiencies. Moreover, we will continue to play a pioneering role in providing environmentally friendly District Cooling services in Dubai and contribute to preserving resources, environment, and combat climate change by leveraging state-of-the-art infrastructure, new generation District Cooling plants, and its outstanding performance in energy efficiency.” 

Empower said that H.E. Al Tayer thanked the shareholders for their support and trust in Empower, and appreciated the company’s management and staff for their dedication towards achieving outstanding performance. 

H.E. Bin Shafar said: “Empower’s success story and its prestigious position at the forefront of the global District Cooling industry, is the fruit of the continuous patronage of our wise leadership, which enabled it to hold an outstanding position in one of the most vital and strategic industries in the world. Truly, the trust of our various stakeholders has driven the company’s performance, and we are confident of achieving greater results in the coming years with a focus on increasing our market share within the UAE.” 

Empower said that H.E. Bin Shafar praised the positive interaction of shareholders with Empower and stressed that the company will continue its deliberate plans to maintain its outstanding performance.