H.E. Ahmad Bin Shafar, CEO, Empower said the company has successfully leveraged Dubai’s vibrant economic landscape to achieve its strategic goals while capitalising on the significant growth in the real estate sector across residential and commercial, hospitality and entertainment sectors. He emphasised that Empower operates with well-calibrated mechanisms and flexible execution strategies that drive sustainable growth, enhance profitability and generate long-term returns for its shareholders.

H.E. Bin Shafar pointed out that 2024 was another successful milestone in Empower’s journey, marked by achievements such as growth in portfolio of diverse and iconic multi-use projects, increase in the number of end-users benefiting from its services and improved customer satisfaction levels. Empower said it also achieved a significant growth in its assets and made strides in advanced technologies and solutions for its District Cooling plants and networks. Empower said its participation in global fora, its assistance to nations and governments in adopting District Cooling for

protecting the environment and preserving resources for future generations and its development of a high-level model of corporate social responsibility (CSR) were other notable achievements during the year.

Empower said Revenues and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) saw 7.4% and 6.2% growth, respectively in 2024, compared to the previous year. The company said profit before tax increased by 5.9% compared to 2023, reaching AED 998 million for the year 2024. Empower said it achieved a total net profit after tax of AED 908 million for the year 2024.

In 2024, Empower said, it distributed cash dividends amounting to AED 850 million in two equal installments of AED 425 million each, disbursed in April and October, as part of its commitment of annual payout of AED 850 million during the first two fiscal years following its listing on the Dubai Financial Market. Subsequent to the completion of its two-year committed dividend policy post-IPO, Empower said, it anticipates maintaining sustainable dividend payments in alignment with its business growth.

Performance at a glance Empower reports the below…

❖ AED 3.3 billion in annual revenue, marking a 7.4% YoY growth

❖ AED 1.56 billion in EBITDA, reflecting a 6.2% increase

❖ A portfolio of 1,637 buildings by the end of 2024

❖ More than 418 kms of District Cooling distribution pipeline network

❖ Total contracted capacity of 1.78 million RT

❖ A total of 111 agreements signed in 2024 for District Cooling services

❖ A total of 42,735 NOCs issued, marking a 22% YoY increase

❖ A 10% rise in Empower’s District Cooling service consumption (RT per hour)

❖ A total of 27,860 online customer transactions, reflecting 11% YoY growth

❖ A 10% increase in the electronic registrations to reach a total of 888,860

According to Empower, 2024 witnessed exceptional performance in its operations. The contracted capacity increased by 6.9% compared to 2023 and reached 1.78 million refrigeration tons (RT) after signing 111 contracts during the year. The total length of Empower’s distribution pipeline network across various areas of Dubai exceeded 418 kilometres, and the total number of District Cooling plants reached 88.

Empower reported a significant growth in the total number of buildings served by the company with its District Cooling services reaching 1,637 buildings in 2024 with an increase of 7.2% compared to 2023. Out of the total number of buildings served, 67% are residential, 14% are commercial and office spaces, 13% are in the hospitality and hotel sector and two per cent are in the healthcare sector. The remaining four per cent is distributed across the education, entertainment and other sectors.

Moreover, Empower said, its customer base surpassed 143,000, with District Cooling consumption rising by 10% (in RTh) in 2024 compared to the previous year. This growth in consumption, the utility company said, was driven by the addition of several new projects to its portfolio and the increasing occupancy rates in existing real estate developments.

Empower said it also witnessed a jump in digital transactions by its customers, with a 10.6% rise in the electronic registrations from new customers across public and private sectors compared to 2023. Additionally, the bill payments processed through its digital payment channels and its strategic banking and financial partners totalled 888,860 transactions in 2024, reflecting a 10% increase compared to 2023, the utility company said.

Empower said that as part of its efforts to facilitate business processes and enhance efficiency and productivity, it has approved 42,735 applications for No Objection Certificates (NOCs) in 2024, marking a 22% increase compared to the previous year. The NOCs enable building owners, consultants and contractors to execute their desired projects easily, avoiding violations, damages, and fines, and saving time and effort.

Empower said it signed a notable agreement with Al Habtoor Group to provide 7,200 RT of District Cooling to the upcoming Al Habtoor Tower, one of the largest residential landmarks in the world. In the same period, Empower said, it connected to the Wasl Tower, a 302-metre-high twisted skyscraper located on Sheikh Zayed Road with a capacity of 3,900 RT.

Throughout 2024, Empower said, it extended its services to several noticeable buildings and projects in Dubai. This includes 4,100 RT to The Crest and 4,200 RT to The Crest Grande, developed by Sobha Realty, in Meydan. The company said it also connected prominent projects of Deyaar Development in Business Bay with 2,580 RT and Orra Investment & Real Estate Development in JLT with 2,000 RT. Alongside the increasing connected capacity, the company said, it witnessed a significant increase in its contracted capacity in the year and reached 1.78 million RT.

Empower said it has signed a new agreement with Mitsubishi Heavy Industries Thermal Systems (MHI Thermal Systems) to supply advanced chillers with a total capacity up to 100,000 RT. Under the agreement, Empower said, MHI Thermal Systems will supply 18 water-cooled centrifugal chillers with a total capacity of 56,250 RT starting from 2025, for its various District Cooling projects in Dubai.

During 2024, Empower said, it commenced operations of the first phase of its new District Cooling plant in Jumeirah Beach Hills (JBH) development. The plant’s total production capacity will reach 48,000 RT upon completion of all phases of the project, serving the Jumeirah area, the utility provider said.

Empower said it also started construction of its new District Cooling plant in Dubai’s Deira district in 2024, following the award of the main construction contract. The plant will serve more than 46 buildings within the Deira Waterfront development, with a total production capacity of 39,000 RT, the utility company said.

For Jumeirah Village, Empower said, it has awarded the design contract for its second District Cooling plant, with a cooling capacity of approximately 37,000 RT. This plant, the utility company said is part of its broader expansion plan in the area, which includes six future plants with a combined cooling capacity of 256,000 RT.

Empower said it has signed two Memorandums of Understanding (MoUs) with the American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE) in the past year, to collaborate on the development of next generation District Cooling systems, and for the development of a

unified and globally approved District Cooling Standard, which will be adopted by various countries with emerging District Cooling infrastructure by 2025.

Empower said it participated as a Diamond Sponsor in the International District Energy Association (IDEA) Campus Energy 2024 conference in San Francisco, USA and in the IDEA 2024 Conference & Exhibition, held in Orlando, USA. The events witnessed the participation of dozens of delegations from the government and private sectors and hundreds of experts from around the world, the utility company said.

Empower said it also hosted a technical study tour on District Cooling in Dubai in July 2024, organised by the United Nations Environment Program (UNEP) for high-level delegates from Governments of Tunisia, Kingdom of Morocco and the State Government of Punjab of Pakistan, with funding support from the Government of Italy.

Furthermore, Empower said, it has signed an MoU with the UAE Ministry of Energy and Infrastructure to explore future partnership opportunities in providing District Cooling services to the Northern Emirates of the country. The collaboration aims to enhance quality of life, reinforce the UAE’s leadership in adopting future industries, and drive advancements in sustainability, environmental protection, resource conservation, and energy efficiency, paving the way for a more sustainable future, the utility company said.

Empower said it participated as a strategic sponsor in the Water, Energy, Technology, and Environment Exhibition (WETEX 2024), the largest exhibition for sustainability and clean energy technologies in the region, and one of the most renowned globally. H.E. Bin Shafar participated in the World Green Economy Summit, which was held on the sidelines of the exhibition, and confirmed that the company can assist Arab and other countries and governments to adopt environmentally friendly District Cooling solutions and systems.

In 2024, Empower said, it set another global milestone by achieving two Guinness World Records in a row and becoming the first District Cooling company in the world to win the Guinness World Record. The first record was for the highest capacity District Cooling plant (DCS) for its Business Bay District Cooling project in Dubai, which has a total connected capacity of 241,272 RT, which will scale-up to have an ultimate capacity of 451,540 RT. The second record was for the same project for the Largest Cooling Plant Coverage (Number of buildings), Empower said. The project currently serves 188 buildings, including residential, commercial, hospitality and other facilities, through a single distribution pipeline network of 52.4 kilometres, the utility company said.

Empower said it has also won four international awards at the IDEA Annual Conference and Exhibition held in the United States in 2024, marking the second time the company has received all four honours simultaneously. Empower said it received the ‘Innovati Improvement at Business Bay 02’, in addition to the IDEA Gold Awards for ‘The number of buildings committed’ and ‘The total building area committed’.

Also, Empower said, it received a certification from Moro Hub, a subsidiary of DEWA Digital, the digital arm of the Dubai Electricity and Water Authority (DEWA). The certification recognised its contribution to environmental sustainability, confirming that its use of Moro’s green data centres helped to prevent 42,415.92 kg of carbon emissions over three years, the utility company said.

Empower said its wholly owned subsidiary, ELIPS, a manufacturer of thermal solutions and insulated pipes, successfully renewed its ISO certifications for 2024 after the successful completion of various surveillance audits, conducted by Bureau Veritas.

Additionally, the U.S. Green Building Council awarded LEED Gold Certification to Empower’s Business Bay District Cooling Plant 05 (BB 05), marking the company’s sixth LEED Gold-certified plant, following Za’abeel, Barsha Heights, Jumeirah Village Circle, and Business Bay 02 & 03 plants.

Furthermore, Empower said, the Dubai Supreme Council of Energy honoured it with the title of ‘Leading District Cooling Company in Dubai’, under the Dubai Demand Side Management (DSM) Recognition Programme, which honours sustainability champions in Dubai. Empower said it impressed with its contributions to energy and water efficiency, commitment to circular economy principles and innovations that promote a greener future for the emirate.

Accordion to Empower, its audited financials can be found at its website https://www.empower.ae/investor-relations/financial-information/

or at https://www.dfm.ae/en/the-exchange/market-information/company/EMPOWER/news-disclosures