Empower posts solid growth in 2024; revenue hits $898m
DUBAI, 24 days ago
Emirates Central Cooling Systems Corporation (Empower) has delivered solid performance for FY 2024 with a revenue of AED3.3 billion ($898 million), thus reflecting an impressive 7.4% year-on-year growth.
Announcing its financial results for the 12-month period ended December 31, 2024, Empower said its profit before tax increased by 5.9% compared to 2023, reaching AED998 million for 2024. The company achieved a total net profit after tax of AED908 million last year.
In 2024, Empower distributed cash dividends amounting to AED850 million in two equal installments of AED425 million each, disbursed in April and October, as part of its commitment of annual payout of AED850 million during the first two fiscal years following its listing on the Dubai Financial Market.
Empower said it anticipates maintaining sustainable dividend payments in alignment with its business growth.
The contracted capacity increased by 6.9% compared to 2023 and reached 1.78 million refrigeration tonnes (RT) after signing 111 contracts during the year.
The total length of Empower’s distribution pipeline network across various areas of Dubai has exceeded 418 kilometres, and the total number of district cooling plants reached 88.
Empower CEO Ahmad bin Shafar said the company has successfully leveraged Dubai’s vibrant economic landscape to achieve its strategic goals while capitalising on the significant growth in the real estate sector across residential and commercial, hospitality, and entertainment sectors.
The number of buildings being served by us reached 1,637 in 2024, up 7.2% compared to 2023. Out of the total number of buildings served, 67% are residential ones, 14% commercial and office spaces, while 13% are in the hospitality and hotel sector, and 2% in the healthcare sector.
Bin Shafar said the remaining 4% is distributed across the education, entertainment, and other sectors.
According to him, Empower had approved 42,735 applications for No Objection Certificates (NOCs) in 2024, marking a 22% increase compared to the previous year.
The NOCs enable building owners, consultants and contractors to execute their desired projects easily, avoiding violations, damages, and fines and saving time and effort.
Empower pointed out that its customer base had surpassed 143,000, with district cooling consumption rising by 10% (in RTh) in 2024 compared to the previous year.
Additionally, the bill payments processed through the digital payment channels of Empower and its strategic banking and financial partners totalled 888,860 transactions in 2024, reflecting a 10 percent increase compared to 2023, it added.
