DUBAI, UAE – Emirates Central Cooling Systems Corporation (Empower) announced on Friday its consolidated financial results for the third quarter of the current fiscal year, with EBITDA of US$291 million (AED1.07 billion).
Empower announced a total revenue of US$618 million (AED 2.27 billion) for a period of nine months ending on September 30, 2023.
For nine months period ending on September 30, 2023, Empower’s revenue and EBITDA grew by 9.5 percent and 7.5 percent respectively.
For the same period, Empower’s pro forma net profit grew by 6.1 percent to US$211 million (AED 777 million).
On an absolute basis, Empower reported a net profit of US$186 million (AED 685 million) for the nine-month period ending September 2023.
Empower paid cash dividend of US$115 million (AED 425 million) for the first half of the current year in October 2023.
This distribution marks the fulfillment of Empower’s commitment to pay dividends to its shareholders twice a year, with a cumulative value of AED 850 million per annum during the first two fiscal years following its listing on Dubai Financial Market.
After the committed dividend distributions for the first two fiscal years following the IPO, the company expects to pay a sustainable dividend in line with the growth of the business.
This remarkable performance during the third quarter was mainly driven by the consistent increase in the demand for the company’s services.
This is attributed to the positive performance of the real estate sector, prime locations of Empower’s projects and its continuous efforts to expand district cooling services to new projects.
Ahmad bin Shafar, CEO of Empower, said, “Empower continues to expand its operations, invest in its asset portfolio, and develop its infrastructure to meet the growing demand in Dubai’s district cooling market.”
He explained that 2023 Q3 results promise shareholders long-term, sustainable profits and reflect Empower’s commitment to maintaining strong, profitable, and sustainable operational and financial performance.
This will benefit Empower shareholders, the Dubai economy, its residents, and its business sectors, regardless of their industry or diversity.