Dubai, UAE — Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, reported the first quarter revenue of AED494 million ($134 million) and a 5.7 percent YoY growth in net profit to AED191.6 million.
For the last twelve months (Apr 2022 to Mar 2023), the company’s consolidated revenue was AED 2.82 billion, compared to AED 2.53 billion (Apr 21 to Mar 22), showing a growth of 11.5 percent.
The EBITDA for the similar periods was AED1.40 billion (Apr22 to Mar23) compared to AED1.26 billion (Apr21 to Mar22), with a growth of 11.1 percent.
The company attributed the first quarter growth to a rise in demand for its services across various regions of Dubai, particularly from newly added mixed-use projects to Empower’s portfolio, and a surge in production and operational capacity during the first quarter of this year.
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.
During the first quarter of 2023, Empower entered into several exclusivity agreements including concessions agreements with major real estate development projects.
Ahmad bin Shafar, CEO of Empower, said, “The results of the first quarter of this year consolidate the company’s position on more than one level, including by confirming its leadership in the global district cooling markets, and highlighting its superior ability to meet the demand for district cooling services with standards that exceed its global counterparts, regardless of the size, time or location.”