DUBAI, UAE – Emirates Central Cooling Systems Corporation (Empower) on Friday reported its H1 2023 consolidated financial results, recording a half-yearly revenue of US$333 million (AED1.225 billion).
The earnings before interest, taxes, depreciation, and amortization (EBITDA) was US$178 million (AED654 million).
For the last twelve months, Empower’s consolidated revenue was US$778 million (AED2.86 billion) (July 2022 to June 2023) compared to US$716 million (AED2.63 billion) (July 2021 to June 2022), showing an impressive growth of 9.1 percent.
The EBITDA for the period (July 2022 to June 2023) was US$386 million (AED1.42 billion) compared to US$348 million (AED1.28 billion) (July 2021 to June 2022), with a growth of 10.9 percent.
Empower’s H1’23 revenue and EBITDA grew by 6.1 percent and 7.4 percent, respectively.
During the same period, its pro forma net profit grew by 7.4 percent to US$126 million (AED464 million).
This pro forma net profit comparison adjusts for pre-IPO leverage to show comparable quarterly performance.
On an absolute net profit basis, the company reported a net profit of US$109 million (AED403 million).
Ahmad bin Shafar, CEO of Empower, said, “The results of the first half of 2023 are a realistic translation of the promises made by Empower to investors and shareholders.”
He said, “We aim to maintain an upward, thriving, and sustainable operational and financial performance to bring significant benefits to our stakeholders and contribute to Dubai’s economy, its residents, and various economic sectors.”
Bin Shafar stressed that Empower continues to take steady and consistent steps toward expanding its operations and investments in its portfolio of assets and infrastructure.
This is to keep up with the growing demand in the district cooling market in Dubai and create investment opportunities with rewarding returns for investors and shareholders.