Emirates Central Cooling Systems Corporation (Empower) has announced that it had registered its highest-ever revenue of AED3.03 billion ($824 million) for the fiscal year 2023, thus marking a significant growth of 8.7% compared to the previous year.
Announcing its financial results for the 12-month period ended December 31, 2023, Empower said its pro forma net profit grew by 6.1% to AED1,083 million. This pro forma net profit comparison adjusts for pre IPO leverage to show comparable performance.
For the year 2023, its pro forma net profit grew by 6.1% to AED1,083 million. This pro forma net profit comparison adjusts for pre IPO leverage to show comparable performance. On an absolute basis, Empower reported a net profit of AED960 million for 2023 for the period, while its ebitda grew by 6.2%.
Empower said during the 12-month period it had excelled in its operational performance with the number of buildings catered by its district cooling services rising to 1522 buildings, up 4% compared to 2022, while the total length of the district cooling pipeline network exceeded 398km, registering a 4.7% increase over 2022.
Impressed by the results, Empower board has proposed a final dividend of AED425 million for 2023, to be paid by April to its shareholders.
The Emirati group had last year paid a cash dividend of AED850 million in 2 equal installments of AED425 million each in April and October.
The distribution marks the fulfillment of Empower’s commitment to pay dividends to its shareholders twice a year, with a cumulative value of AED 850 million per annum during the first two fiscal years following its listing on the Dubai Financial Market, it stated.
After the committed dividend distributions for the first two fiscal years following the IPO, the company expects to pay a sustainable dividend in line with the growth of the business.
On the solid performance, CEO Ahmad bin Shafar said: “Empower’s exceptional financial performance reflects the unwavering confidence of its shareholders and consumers, solidifying its position as a trusted leader.”
He pointed out that the company demonstrated impressive adaptability and learning agility in 2023, effectively navigating challenges and converting them into opportunities for future growth and prosperity.
Bin Shafar said Empower’s strategy of proactive readiness in delivering district cooling services enabled it to handle the rapid developments in the real estate sector, which witnessed the completion of various projects and the launch of a wide range of multi-use projects.
“Our professional teams, combined with these resources and our commitment to investing in advanced technologies and modern cooling plants across Dubai, together represent solid foundations for a unique business model that enables sustained revenue and profit growth, while also delivering environmental benefits that contribute to protecting our climate and natural resources,” he added.
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