“Empower, world’s largest district cooling provider, lists on DFM & reports Q1 2023 revenues of AED 494 million”

DUBAI, 5th May, 2020 (WAM) — Emirates Central Cooling Systems Corporation PJSC (Empower), the largest district cooling services provider in the world, listed on the Dubai Financial Market today, announced its financial results for the first quarter of 2023, recording revenues of $494. million dirhams and EBITDA of 284 million dirhams.

During the past 12 months, the consolidated revenues of Empower reached AED 2.82 billion (from April 22 to March 23) compared to AED 2.53 billion (from April 21 to March 22), a remarkable growth of 11.5%.

EBITDA for the same periods amounted to 1.40 billion dirhams (from April 22 to March 23) compared to 1.26 billion dirhams (from April 21 to March 22), a growth rate of 11.1%.

During the first quarter of 2023, Empower’s revenues and EBITDA grew by 6.0% and 8.2%, respectively. Preliminary net profit during the same period increased by 5.7% to reach 191.6 million dirhams.

This initial net profit is subject to reconciliation, to calculate the pre-subscription leverage and to show comparable quarterly performance. On an absolute net profit basis, Empower recorded a net profit of AED 167.4 million.

The results of the exceptional growth during the first quarter of this year are due to the significant increase in the demand for “Empower” district cooling services in various regions of Dubai, especially from the many new and mixed-use projects recently added to the “Empower” portfolio, in addition to the growth in the volume of production and operational capacity. during the first quarter of this year.

The growth in 2023 is mainly due to the increase in recurring and sustainable revenues emanating from the recovery of various economic activities and markets in Dubai, particularly the real estate sector, which represents the focus of the Corporation’s work and activity.

During the first quarter of this year, Empower signed several exclusive agreements, the first in February 2023 with Dubai Maritime City to supply its projects with a cooling capacity exceeding 63 thousand tons, and the second in March 2023 with Sobha Real Estate to supply the Sobha Hartland project with 17 One thousand cooling tons, in addition to the signing of other building agreements in various parts of the Emirate of Dubai, including Business Bay, Jumeirah Village Circle, Dubailand, Dubai Studio City, Dubai International Financial Center, Jumeirah Lakes Towers and Barsha Heights, where the total cooling capacity of these agreements reached 24 thousand cooling tons.

Empower also operated the Dubailand plant, which has a production capacity of 47,000 refrigeration tons, which will serve the residents of the Dubailand Residence complex.

His Excellency Ahmed bin Shafar, CEO of Empower, said: “The results of the first quarter of this year come to consolidate the corporation’s position on more than one level and consolidate its leadership in the global district cooling markets, and confirm its superior ability to meet the demand for district cooling services with standards that exceed its global counterpart.” Whatever its size, timing or geographical location, in order to consolidate its strong and effective presence in convincing investors in the Dubai Financial Market of its ability to continue achieving growth in revenues and sustainable profits.

Bin Shafar affirmed Empower’s determination to continue seizing investment opportunities in the market, and the continuity of its distinguished performance to ensure rewarding and sustainable returns for shareholders, and to continue investment plans in its portfolio of assets and infrastructure to serve the growing demand in the entire Dubai district cooling market.