District Cooling company says its 2014 revenues reached AED 1.50 billion

Dubai, UAE-headquartered Empower has announced that its 2014 net profit reached AED 410 million, for the fiscal year ending December 31, 2014. The figure demonstrates 65% growth year on year (YoY) from 2013, the company said. Total revenues for the year reached AED 1.50 billion, a 76% increase YoY, the company added.

“2014 represented a significant year in Empower’s growth story, showing impressive results in both quantity and quality of our work,” said Ahmad Bin Shafar, Chief Executive Officer, Empower. “In the last year, we have undertaken an ambitious development strategy to improve our infrastructure, reasserting our commitment to provide world-class District Cooling services.

“The vision of our leaders, under His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has contributed to our success year after year over the last decade. It is their support that has primed this country to build not only businesses but sustainable businesses.”

Revenue growth for the company includes the first full year of operations following the acquisition of Palm District Cooling (PDC), a Dubai-based entity that Empower acquired in Q4, 2013.

“Following the acquisition of Palm District Cooling, we have grown into a company that holds the largest District Cooling portfolio in the world,” Bin Shafar said. “This has resulted in the growth of our projects, capacity, assets and customers. Our company is providing services to many prestigious projects, and in the last 12 months, we have added more unique and world-class projects to our portfolio.”

Notable new projects signed by Empower last year include an AED 750 million agreement with TECOM Investments’ to provide Dubai Design District (d3) with 120,000 TR of District Cooling services, signifying a 12% capacity addition to Empower’s network. They also include a retrofitting agreement with Jumeirah Group, whereby Empower will convert the systems of iconic properties like Emirates Towers (already executed; see related story, opposite page), Burj-Al Arab, Jumeirah Beach Hotel and the MadinatJumeirah to District Cooling.

During 2014, Empower also completed its second plant in the Business Bay Project, which according to Empower, is the region’s first District Cooling facility of its size built as per the green building principles.

The company claimed it continues generating healthy earnings before interest, taxes, depreciation, and amortisation (EBITDA) and has, accordingly, re-paid loans amounting to AED 350 million during the year. “We have also declared dividends to our shareholders for the second consecutive year, which demonstrates the robustness and the strength of our business model and our financing strategy,” Bin Shafar said. “The dividend payment this year amounts to AED 250 million.”