Dubai’s Empower confirms Dh425 million H1-2023 dividend

Dubai’s Empower confirms Dh425 million H1-2023 dividend

Empower achieved a notable performance, reporting revenues of Dh1.22 billion in the first half of 2023, reflecting a 6.1 per cent increase compared to the same period last year.

During the first six months, EBITDA demonstrated remarkable growth, reaching Dh654 million, marking a substantial 7.4 per cent rise. Pro forma net profit mirrored this expansion, surging by 7.4 per cent to Dh464 million after adjusting for pre-IPO leverage to ensure consistent quarterly performance. Moreover, the company achieved Dh403 million in absolute net profit.

Empower credited its robust growth to its sustainable business model's success and the burgeoning demand from its diverse customer base. The real estate sector, marked by high occupancy rates in existing projects and significant developments, played a pivotal role in driving this demand, further expanding Empower's portfolio.