Empower revenue soars 6% to AED494mn in first quarter

Empower revenue soars 6% to AED494mn in first quarter

Local News, Uncategorized















DUBAI / WAM 

Emirates Central Cooling Systems Corporation PJSC (Empower), the world’s largest district cooling services provider, which is listed on the Dubai Financial Market (DFM), reported its first quarter 2023 consolidated financial results, recording quarterly revenue of AED494 million and Ebitda of AED284 million.

For the last twelve months, Empower’s consolidated revenue was AED2.82 billion (April 22 to March 23) compared to AED2.53 billion (April 21 to March 22), showing an impressive growth of 11.5 percent. The Ebitda for the similar periods was AED1.40 billion (April 22 to March 23) compared to AED1.26 billion (April 21 to March 22), 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 AED191.6 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 AED167.4 million.

The company’s exceptional growth during the first quarter of 2023 is attributed to a significant rise in demand for