“Empower” profits rise 12% to 300 million dirhams in the third quarter

Net income grew for Empower 12% during the third quarter of this year, compared to the same quarter last year, to nearly 300 million dirhams.

By the end of the first nine months of this year, Empower’s net profit grew by 10% to AED 728 million.

The Dubai market received shares of ‘Empower’ today, Tuesday, to join the listed companies in the market, following an initial public offering of 19% of its shares.

The company had set the offering price at 1.33 dirhams per share, which is the upper end of the price range.

After completion of the offer, Dubai Electricity and Water Company (DEWA) will hold 56% of Empower’s shares, while Emirates Power, a subsidiary of Tecom, will hold 24% of its shares.