Dubai’s Empower revenue jumps 6% to Dh494 million in Q1-2023

Dubai’s Empower revenue jumps 6% to Dh494 million in Q1-2023

Dubai: Dubai’s district cooling leader Empower reported Dh494 million in revenue in the first quarter of 2023, on Friday. The company's EBITDA for the quarter amounted to Dh284 million, up 8.2 per cent increase from the same period in the previous year. The growth during the quarter is attributed to the significant rise in demand for its services across various regions of Dubai, particularly from newly added mixed-use projects to Empower's portfolio. The consumption of company’s high-quality district cooling services has surged to 286.4 million RTh, indicating a growth of 5.1 per cent compared to the same period of 2022. “The growth of 2023 is primarily fueled by the rise in recurring and sustainable revenues resulting from the boom in various economic sectors and markets in Dubai, notably the real estate sector, which is the mainstay of the company's business,” Empower said in a statement. During the first quarter of 2023, Empower entered into several exclusivity agreements including concessions agreements with major real estate development projects. In February 2023, the company signed an agreement with the Dubai Maritime City (DMC) to provide its projects district cooling services with a capacity exceeding 63,000 refrigeration tons (RT), and in March 2023, Empower