Empower general assembly approves distributing Dh425 million in dividends

Empower general assembly approves distributing Dh425 million in dividends

Dubai: The General Assembly of Emirates Central Cooling Systems Corporation PJSC (Empower) approved cash dividends of Dh425,000,000 to shareholders at Dh0.0425 per share, representing an equivalent to 42.5 per cent of the company’s paid-up capital. The dividends are approved for the second half of the year 2022, and are set to be paid to shareholders in the month of April. The general assembly meeting was helmed by Empower Chairman Saeed Mohammed Al Tayer on Wednesday. They assembly also voted and approved the recommendation of the Board of Directors regarding the suspension of any additional allocation of profits to the legal reserve, as the company’s statutory reserve has reached 50 per cent of its paid-up capital. Empower recorded revenues of Dh2.79 billion as well as net profits of over Dh1 billion for the year ending December 31, a 7 per cent growth over the year-ago period. Al Tayer said: “Empower is moving forward with its expansion, extending the reach of its services and developing its unique business model that enabled it to become the world’s largest provider of eco-friendly district cooling services. Empower today plays very important role in securing eco-friendly district cooling services in Dubai as well as in the