DUBAI, UAE, 6 August 2024: Emirates Central Cooling Systems Corporation (EMPOWER) announced its financial results for the first half of 2024, reporting total revenues of AED 1,352 million and EBITDA of AED 693 million. Making the announcement through a Press Release, Empower said its first six months’ revenue and EBITDA grew by 10.3% and six per cent, respectively, in 2024 compared to last year. Empower said it earned AED 428 million as profit before tax, with a growth of 6.3% compared to 2023, and the Net Profit after tax amounted to AED 390 million for the six months ended June 30, 2024.

Revenue and profit drivers

H.E. Ahmad Bin Shafar, CEO, Empower, said, “Empower’s robust financial results for the first half of 2024 demonstrate continued success, contributing to Dubai’s economic expansion and delivering enhanced returns to shareholders.”

H.E. Bin Shafar explained that Empower’s sustainable financial revenues are driven by increasing demand for its services primarily due to two factors. First, the real estate developers and building owners are increasingly adopting environmentally friendly practices, seeking cooling systems that protect natural resources, reduce emissions, optimise energy consumption and lower costs, he said.  The second factor, he said, is the increasing occupancy rates in real estate projects of various uses, led by the residential segment, and the continuous addition of new projects to the company’s portfolio. These factors, combined, have contributed to the diversity of Empower’s customer base, which includes residential, commercial, healthcare, hospitality, retail, education, entertainment and other sectors, he added.

In its statement to Dubai Financial Market (DFM), Empower said that its consolidated revenues for the last 12 months (July 23 to June 24) recorded AED 3.16 billion, a remarkable growth of 10.4% compared to AED 2.86 billion during the period July 2022 to June 2023, and EBITDA of AED 1.50 billion for the period July 23 to June 24, recording a growth of 5.5% compared to AED 1.42 billion for the period from July 2022 to June 2023.

Empower said the first half of 2024 saw a significant increase in its business, with 56 new contracts signed to provide more than 58,300 refrigeration tons (RT) to reach a total contracted capacity of more than 1.72 million RT. Empower said the new contracts signed, distributed across different areas, include 19,000 RT in Jumeirah Village, 7,200 RT on Sheikh Zayed Road, 6,900 RT in Meydan, 6,300 RT in Jumeirah Lakes Towers, and in other areas within the emirate.

Empower said its total connected capacity has increased to more than 1.53 million RT, with an addition of over 20,000 RT during the first half of the year.

In April, Empower said, it signed an agreement with Al Habtoor Group to supply Al Habtoor Tower with 7,200 RT (equivalent to 75% of the peak cooling capacity of the world’s tallest building, Burj Khalifa). Empower also announced an increase in the volume of consumption of its District Cooling services (Refrigeration Ton hours-RTh) by 20% during the first half of 2024, compared to 2023.