Empower logs AED 960m profits in 2023; dividends unveiled

Empower logs AED 960m profits in 2023; dividends unveiled



Dubai – Mubasher: Emirates Central Cooling Systems Corporation (Empower) registered net profits amounting to AED 960.08 million in 2023, lower year-on-year (YoY) than AED 1 billion.

The revenues reached AED 3.03 billion in January-December 2023, marking an 8.70% growth from AED 2.79 billion a year earlier, according to the financial results.

Basic and diluted earnings per share (EPS) attributable to the owners edged down to AED 0.09 last year from AED 0.10 in 2022.

Total assets amounted to AED 9.72 billion as of 31 December 2023, up YoY from AED 9.65 billion.

Ahmad bin Shafar, CEO of Empower, said: “The company demonstrated impressive adaptability and learning agility in 2023, effectively navigating challenges and converting them into opportunities for future growth and prosperity.”

Dividends

The board proposed a final dividend of AED 425 million for 2023, which will be paid by April 2024.

Empower disbursed a cash dividend of AED 850 million during 2023 in two equal installments of AED 425 million each in April and October.

This aligns with the company’s commitment to pay dividends to its shareholders twice a year, with a cumulative value of AED 850 million annually during the first two years following its listing on the Dubai Financial Market (DFM).

In the first nine months (9M) of 2023, Empower