DUBAI, UAE, 19 October 2023: Emirates Central Cooling Systems Corporation PJSC (EMPOWER) announced the Board of Directors’ decision to distribute cash dividends of AED 425 million (at AED 0.0425 per share, representing 42.5% of the company’s paid-up capital) to its shareholders for the period ending on June 30, 2023.

Making the announcement through a Press release, Empower said this distribution marks the fulfilment of the District Cooling utility providers’ commitment to pay dividends to shareholders twice a year, with a cumulative value of AED 850 million per annum during the first two fiscal years following its listing on Dubai Financial Market. In April 2023, Empower added that the company distributed AED 425 million in dividends for the second half of 2022, and it is now followed by another distribution of AED 425 million for the first half of 2023, with payment made in October 2023.

H.E. Ahmad Bin Shafar

Empower said the decision of its Board of Directors aligns with the dividend distribution policy outlined in the prospectus for the company’s public offering of shares, which was announced on October 24, 2022. Empower said it also plans to continue distributing dividends for the period spanning the second half of 2023 and the first half of 2024, which shall be paid during 2024.

H.E. Ahmad bin Shafar, CEO, Empower, said: “The dividends are a testament to Empower’s commitment to delivering on its promises to its valued investors and shareholders. These promises centre on maintaining a sustainable operational and financial performance that benefits our stakeholders and contributes to the growth of Dubai’s economy, its residents, and its diverse economic sectors. Moreover, the overall performance underscores Empower’s leadership within the District Cooling industry and highlights the success of our strategies focused on promoting energy-efficient District Cooling services and improving operational efficiencies.”