PRESS RELEASE: BY EMPOWER ON NOV 03, 2023
Empower Achieves AED 2.27 Billion Revenue for Nine Months Ending September 2023
Dubai, United Arab Emirates, November 3rd, 2023 – Emirates Central Cooling Systems Corporation PJSC (Symbol: EMPOWER), the global leader in district cooling services, has announced its consolidated financial results for the third quarter of the current fiscal year. Empower reported a significant nine-month revenue of AED 2.27 billion, reflecting a notable year-on-year growth of 9.5%.
Driving Forces Behind the Growth
Empower’s consolidated revenue for the past twelve months totaled AED 2.99 billion, showcasing a robust growth trajectory. The company’s EBITDA for the same period reached AED 1.45 billion, indicating a commendable growth rate of 9.5%. During the nine-month period ending September 2023, Empower’s revenue and EBITDA surged by 9.5% and 7.5% respectively, with a pro forma net profit increasing by 6.1% to AED 777 million.
The successful performance was attributed to the consistent rise in demand for Empower’s services, driven by the flourishing real estate sector and the prime locations of its projects. Despite market challenges, Empower remains steadfast in delivering sustainable growth and profitability to its stakeholders.
Commitment to Shareholders
Empower’s commitment to shareholder value is evident through its recent cash dividend distribution of AED 425 million for the first half of 2023. This distribution reaffirms Empower’s dedication to its shareholders, with a cumulative value of AED 850 million per annum during the initial two fiscal years post its listing on the Dubai Financial Market.
Future Outlook and Strategic Focus
H.E. Ahmad bin Shafar, CEO of Empower, expressed confidence in the company’s ability to sustain growth and profitability in the upcoming quarters. He emphasized Empower’s commitment to meeting the evolving demands of Dubai’s district cooling market through strategic investments in asset portfolios and infrastructure development.
Noteworthy Achievements in Q3 2023
During the third quarter of 2023, Empower achieved significant milestones, including the acquisition of Dubai Airport district cooling assets and the commencement of operations at Dubai’s international airport. Additionally, the company embarked on expansion projects in the Jumeirah Beach Hills area, catering to prestigious residential and tourist destinations.
Empower added several iconic buildings to its portfolio, including residential, commercial, and mixed-use structures. The company’s commitment to environmental sustainability was recognized with a Gold Certification from the U.S. Green Building Council for its Za’abeel plant.
Catalyzing Growth
Empower attributes its success to the increasing demand for district cooling services, a sustainable business model, and expansion initiatives across Dubai’s key projects. With a focus on enhancing production and operational capacity, Empower is poised for continued growth and success.
For Empower’s audited financial statements, visit the Company’s website or the Dubai Financial Market website.
