Dubai’s Empower revenue jumps 6.1% to Dh1.22 billion in H1-2023

Dubai’s Empower revenue jumps 6.1% to Dh1.22 billion in H1-2023

Dubai: Dubai’s district cooling leader Empower reported Dh1.22 billion in the first half of 2023, a 6.1 per cent growth over the same period last year.

EBITDA for the first six months also exhibited significant progress, reaching Dh654 million, a growth rate of 7.4 per cent. Pro forma net profit also followed suit, climbing by 7.4 per cent to Dh464 million, after adjusting for pre-IPO leverage to ensure comparable quarterly performance. Additionally, on an absolute net profit basis, the company recorded a net profit of Dh403 million.

Empower attributes this growth to the success of its sustainable business model and the surging demand from its diverse customer base. The real estate sector played a vital role in driving this demand, as high occupancy rates in existing real estate projects and a substantial increase in large real estate ventures added to Empower's portfolio.

“The results of the first half of 2023 are a realistic translation of the promises made by Empower to investors and shareholders,” said Ahmad bin Shafar, CEO of Empower. “We aim to maintain upward, thriving, and sustainable operational and financial performance to bring significant benefits to our stakeholders and contribute to Dubai’s economy, its residents, and various economic sectors."