Empower announces revenues of $762.3mln in 2022

Empower announces revenues of $762.3mln in 2022

DUBAI - Emirates Central Cooling Systems Corporation (Empower) announced its financial results for the fiscal year 2022, with a total revenue of AED2.8 billion, and with a remarkable growth of 13.3 percent compared to 2021.

The company has recorded a net profit of AED1.001 billion, representing an increase of 7 percent compared to the previous year. The company has also proposed a dividend amount of AED425 million for the second half of the year 2022, as stated in the prospectus. This outstanding performance reflects the confidence in Empower by its customers and stakeholders, and the economic boom of Dubai.

On this occasion, Ahmad bin Shafar, CEO of Empower, said, “The year 2022 marks an important milestone in the history of Empower and a significant event in its journey towards growth and prosperity, especially following its listing on the Dubai Financial Market. The successes achieved during 2022 are unprecedented, as the company’s portfolio is growing at an accelerated pace serving a diversified portfolio of projects.”

He further stated that Empower is committed to distributing a total dividend of AED850 million per annum for the first two years, subject to the approval of Board of Directors and General Assembly.

Bin Shafar stressed that Empower's leadership is