Empower’s net profits fall to AED 165.5m in Q1-24

Empower’s net profits fall to AED 165.5m in Q1-24

Dubai – Mubasher: The net profits of Emirates Central Cooling Systems Corporation (Empower) declined to AED 165.50 million in the first quarter (Q1) of 2024 from AED 167.35 million in Q1-23. Empower posted revenues amounting to AED 537.72 million in Q1-24, higher year-on-year than AED 494.27 million, according to the interim financial results. During the first three months (3M) of 2024, the basic and diluted earnings per share (EPS) hit AED 0.0163, compared to AED 0.0167 in the year-ago period. Total assets jumped to AED 10.72 million as of 31 March 2024 from AED 9.72 million at the end of December 2023. Ahmad bin Shafar, CEO of Empower, attributed the growth to heightened demand for the company's services across various projects in Dubai. "We saw a significant demand from the wide range of new mixed-use projects that joined Empower's portfolio during the recent period, resulting in new growth rates in the volume of production and operational capacity,"  he said. In 2023, Empower posted lower net profits at AED 960.08 million, compared to AED 1 billion a year earlier.

Empower’s net profits fall to AED 165.5m in Q1-24