Empower reports AED 494mln Q1 2023 revenues with a growth of 6.0%

Empower reports AED 494mln Q1 2023 revenues with a growth of 6.0%

- Reports an impressive first quarter EBITDA of AED 284 million (up by 8.2%)

- Reports robust first quarter revenue of AED 494 million (up by 6.0%)

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EMPOWER Q1, 2023

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EMPOWER Q1, 2022

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AED 494 million

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AED 284 million

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AED 466 million

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AED 263 million

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+6.0% YoY

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+8.2% YoY

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-

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-

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Q1, 2023

Revenue

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Q1, 2023

EBITDA

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Q1, 2022

Revenue

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Q1, 2022

EBITDA

Dubai, UAE: 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.

Exceptional growth driven by fundamental drivers

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%. 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%.

EMPOWER’s first quarter 2023 revenue and EBITDA grew by 6.0% and 8.2% respectively. For the same period, EMPOWER’s pro forma Net Profit grew by 5.7% to AED 191.6 million. This pro forma Net Profit