Emirates Central Cooling Systems Corporation (Empower) has recorded solid results for the first nine months of the year with a 9.5% growth in its total revenue which rose to AED2.27 billion ($617 million).

 

Announcing its consolidated financial results for the nine months period ended September 30, 2023, Empower said its ebitda grew by 7.5%, while its pro forma net profit surged by 6.1% to hit AED777 million ($211 million) over last year. 

 

This pro forma net profit comparison adjusts for pre IPO leverage to show comparable quarterly performance. On an absolute basis, Empower reported a net profit of AED685 million for the nine-month period ending September 2023, it stated.

 

For the last 12 months, Empower’s consolidated revenue stood at AED2.99 billion (Oct-22 to Sep-23) compared to AED2.73 billion (Oct-21 to Sep-22), showing an impressive growth of 9.5%. 

 

The ebitda for the period surged to AED1.45 billion compared to AED 1.32 billion, with a growth of 9.5%.

 

Empower announced that it had paid cash dividend of AED425 million for the first half in October 2023. 

 

This distribution marks the fulfillment of Empower's commitment to pay dividends to its shareholders twice a year, with a cumulative value of AED850 million per annum during the first two fiscal years following its listing on 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.

 

This remarkable performance during the third quarter was mainly driven by the consistent increase in the demand for the company's services, which is attributed to the positive performance of the real estate sector, prime locations of Empower’s projects and its continuous efforts to expand district cooling services to new projects, it added.

 

"Empower continues to expand its operations, invest in its asset portfolio, and develop its infrastructure to meet the growing demand in Dubai’s district cooling market," said its CEO Ahmad bin Shafar. 

 

He pointed out that the 2023 Q3 results promise shareholders long-term, sustainable profits and reflect Empower’s commitment to maintaining strong, profitable, and sustainable operational and financial performance. 

 

This will benefit Empower shareholders, the Dubai economy, its residents, and its business sectors, regardless of their industry or diversity, it added.

 

On the third quarter results, the Emirati group said its ebitda hit AED1.07 billion.

 

During this period, Empower achieved significant milestones in its operations and activities. Most notably, it completed the acquisition of Dubai Airport district cooling assets and started serving Dubai’s prestigious international airport with effect from July 5. 

 

The company also awarded a set of contracts to build an advanced next-generation district cooling plant and expand the district cooling pipeline network in the Jumeirah Beach Hills area. 

 

This expansion project will provide a total cooling capacity of 48,000 refrigeration tons (RT) and will serve prestigious residential and tourist destinations in the emirate, including landmarks like Burj Al Arab, Jumeirah Beach Hotel, Marsa Al-Arab, Madinat Jumeirah Living, Madinat Jumeirah, Jumeirah Al-Naseem Hotel, and many more architectural icons in Dubai, stated thee top official.

 

Bin Shafar stressed that the capital markets and shareholders, as well as customers, are touching Empower's progress on more than one level, including the consolidation of its leadership position in the district cooling markets globally, and meeting the demand for district cooling services with highest standards that exceed global counterparts in Dubai, where Empower holds more than 80% of its district cooling market.

 

"Empower also added nearly a dozen new buildings to its portfolio during the quarter, with 70% of these being residential buildings, 20% commercial, and 10% mixed-use buildings," he stated. 

 

Iconic projects in Dubai, such as the 'S' Tower of Sobha Real Estate, one of the luxurious residential projects located on the Sheikh Zayed Road, the final phase of Zabeel One, which is considered a distinguished architectural and engineering marvel in the world, and other huge projects were connected to Empower's network during this period, he added.-TradeArabia News Service