Empower approves AED 437.5 mn dividend
Dubai, UAE, 19 March 2025: The Emirates Central Cooling Systems Corporation (Empower) has approved a dividend distribution of AED 437.5 million (4.375 fils per share), constituting 43.75% of the company’s paid-up capital, for the second half of 2024. Making the announcement through a Press Release, Empower said the decision was made during its Annual General Meeting (AGM), which convened with a quorum of 89.9% of its paid-up share capital.
The AGM, chaired by H.E. Saeed Mohammed Al Tayer, Chairman of Empower’s Board of Directors, took place at the Habtoor Palace Hotel in Dubai. H.E. Ahmad Bin Shafar, CEO, Empower attended the meeting alongside members of the Board of Directors. The meeting reviewed the company’s financial performance, approved financial statements for the year ending December 31, 2024, and endorsed the auditor’s report, Empower said.
Empower, listed on the Dubai Financial Market since 2022, reported a record revenue of AED 3.26 billion and a net profit of AED 908 million for 2024. The company stated that the dividend distribution aligns with its dividend policy and overall business strategy.
The company highlighted that it had distributed AED 850 million in dividends in 2024 in two equal instalments of AED 425 million each. Following the completion of its two-year post-listing dividend commitment, shareholders approved future dividend distributions of AED 875 million annually for 2025 and 2026, to be paid in April and October each year.
H.E. Al Tayer remarked that Empower’s strategic expansions contribute to Dubai’s District Cooling sector and generate sustainable financial returns for shareholders. He stated that the company’s infrastructure, including advanced District Cooling plants and distribution networks, has been instrumental in driving growth and operational efficiency. He further noted that Empower aims to lead environmentally sustainable District Cooling solutions, aligning with Dubai’s energy efficiency strategies.
Al Tayer added that the company achieved a total turnover of AED 3.26 billion and a net profit of AED 908 million for 2024. He noted that an interim dividend of AED 425 million was distributed in October 2024, with the latest approved dividend bringing the total payout for the year to AED 862.5 million.
H.E. Bin Shafar said that Dubai’s real estate sector continues to drive growth for the company. He noted that strong demand for District Cooling services, coupled with long-term concession
agreements with key developers, has positioned Empower for stable and predictable revenue streams.
Bin Shafar added that economic expansion, tourism growth and residential development in Dubai are key factors supporting Empower’s success. He said that the company remains focused on expanding its market share in the UAE and on strengthening its investment opportunities.
He further emphasised that shareholders’ confidence has played a crucial role in driving the company’s performance. He added that Empower remains committed to executing its structured growth strategy, ensuring continued operational and financial success.
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