Empower sets global district cooling industry record with $272mln billion net profit in 2022

Empower sets global district cooling industry record with $272mln billion net profit in 2022

UAE - Empower's portfolio is growing at an accelerated pace serving a diversified portfolio of projects.

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, reported on Monday a 7.0 per cent year-on-year surge in net profit to Dh1.001 billion for 2022, a global record in the district cooling industry.

Empower generated revenue of Dh2.8 billion, up 13.3 per cent year-on-year basis, and proposed a dividend of Dh 425 million for the second half of the year 2022.

“This outstanding performance reflects the great and continuous confidence in Empower by its satisfied customers and stakeholders, and the economic boom of Dubai,” a company statement said.

"The year 2022 marks an important milestone in the history of Empower and a significant event in its journey towards growth and prosperity, especially following its listing on the Dubai Financial Market,” said Ahmad bin Shafar, CEO of Empower.

Describing the success achieved during 2022 as unprecedented, he said the company’s portfolio is growing at an accelerated pace serving a diversified portfolio of projects. He said Empower is committed to distributing a total dividend of Dh850 million per annum for the first two years, subject to the board of directors and General Assembly approval.

"Thanks to our