DUBAI, UAE, 5 May 2023: Emirates Central Cooling Systems Corporation (Empower) reported its first quarter 2023 consolidated financial results, recording quarterly revenue of AED 494 million and EBITDA of AED 284 million.

Making the announcement through a Press release, Empower said that for the last 12 months, its consolidated revenue was AED 2.82 billion (April 2022 – March 2023) compared to AED 2.53 billion (April 2021 – March 2022), showing a growth of 11.5%. The EBITDA for the similar periods was AED 1.40 billion (April 2022 – March 2023) compared to AED 1.26 billion (April 2021 – March 2022), with a growth of 11.1%.

Empower said its first quarter 2023 revenue and EBITDA grew by six per cent and 8.2%, respectively. For the same period, Empower said, its pro forma Net Profit grew by 5.7% to AED 191.6 million. This pro forma Net Profit comparison adjusts for pre-IPO leverage to show comparable quarterly performance, Empower said. On an absolute net-profit basis, Empower reported a net profit of AED 167.4 million, Empower said.

Empower said its growth during the first quarter of 2023 is attributed to a significant rise in demand for its services across various regions of Dubai, particularly from newly added mixed-use projects to its portfolio, and a noteworthy surge in production and operational capacity during the first quarter of the year.

According to Empower, the growth of 2023 is primarily fuelled by the rise in recurring and sustainable revenues, resulting from the boom in various economic sectors and markets in Dubai, notably the real estate sector, which is the mainstay of the company’s business.

H.E. Ahmad Bin Shafar

Empower said that during the first quarter of 2023, it entered into several exclusivity agreements, including concessions agreements with major real estate development projects. In February 2023, the company signed an agreement with the Dubai Maritime City (DMC) to provide its projects District Cooling services with a capacity exceeding 63,000 refrigeration tons (RT). And in March 2023, it signed an agreement with Sobha Real Estate to provide 17,000 RT District Cooling services for the Sobha Hartland project. Moreover, the company said, it signed agreements for several other buildings in various parts of Dubai, including Business Bay, Jumeirah Village Circle, Dubailand, Dubai Studio City, DIFC, Jumeirah Lake Towers and Barsha Heights, the total cooling capacity of these agreements reaching 24,000 RT. Furthermore, Empower said, it started operating its new District Cooling plant in Dubailand with a total production capacity of 47,000 RT, which will provide cooling services to residents of the Dubai Land Residence Complex (DLRC).

H.E Ahmad Bin Shafar, CEO, Empower, said: “The results of the first quarter of this year consolidate the company’s position on more than one level, including by confirming its leadership in the global District Cooling markets, and highlighting its superior ability to meet the demand for District Cooling services with standards that exceed its global counterparts, regardless of the size, time or location. The results also reinforce Empower’s strong and effective presence and its capability to attract investors to the Dubai Financial Market, motivated by their confidence in the company’s strong base to continue achieving growth in terms of sustainable revenues and profits.

H.E. Bin Shafar stressed that Empower is determined to continue to grab investment opportunities in the market and to maintain its outstanding performance to ensure rewarding and sustainable returns for shareholders. He said that the company will continue investments in its portfolio of assets and infrastructure to serve the growing demand in the region’s District Cooling market.