Dubai, UAE – Emirates Central Cooling Systems Corporation (Empower) on Wednesday approved the distribution of cash dividend of AED 425 million ($116 million) to shareholders accounting for AED 0.0425 ($0.01) per share, representing an equivalent to 42.5 percent of the company’s paid-up capital.
The dividends are approved for the second half of the year 2022, and are set to be paid to shareholders in April.
Empower recorded revenues of AED 2,792,539,000 ($760,391,831), as well as net profits for the owners of the company amounting to AED 1,000,567,000 ($272,448,468) for the year ending on December 31, 2022, representing the highest in the district cooling industry, with a growth of 7 percent over 2021.
The company expects to pay a minimum dividend amount of AED 850 million ($231 million) per annum in the first two fiscal years following its listing on the Dubai Financial Market.
“Empower is moving forward with its expansion, extending the reach of its services and developing its unique business model that enabled it to become the world’s largest provider of eco-friendly district cooling services,” Saeed Mohammed Al Tayer, Chairman of Empower, said. “Empower today plays very important role in securing eco-friendly district cooling services in Dubai as well as in the protection of resources, the environment and the climate at the local and global levels.”