Empower reports AED 494 million Q1 2023 Revenues with a growth of 6.0%

Empower reports AED 494 million Q1 2023 Revenues with a growth of 6.0%

DUBAI, 5th May, 2023 (WAM) – Emirates Central Cooling Systems Corporation PJSC (ISIN: AEE01134E227) (Symbol: EMPOWER), the world's largest district cooling services provider, which is listed on the Dubai Financial Market (DFM), has today reported its first quarter 2023 consolidated financial results, recording quarterly revenue of AED 494 million and EBITDA of AED 284 million.

For the last twelve months, EMPOWER’s consolidated revenue was AED 2.82 billion (Apr22 to Mar23) compared to AED 2.53 billion (Apr21 to Mar22), showing an impressive growth of 11.5 percent. The EBITDA for the similar periods was AED 1.40 billion (Apr22 to Mar23) compared to AED 1.26 billion (Apr21 to Mar22), with a growth of 11.1 percent.

The company's first quarter 2023 revenue and EBITDA grew by 6.0 percent and 8.2 percent respectively. For the same period, EMPOWER’s pro forma Net Profit grew by 5.7 percent to AED 191.6 million. This pro forma Net Profit comparison adjusts for pre IPO leverage to show comparable quarterly performance. On an absolute net profit basis, EMPOWER reported a net profit of AED 167.4 million.

The company's exceptional growth during the first quarter of 2023 is attributed to a significant rise in demand for its services across various regions of Dubai, particularly