Emirates Central Cooling Systems Corporation (Empower) has announced a dividend of AED500 million ($136 million) to its shareholders for 2021.
The dividend payout represents 53.4 percent of the AED936 million, the total net profit achieved by Empower for the last fiscal year that increased by 4 percent compared to 2020.
The company has also reported total revenue of AED2.464 billion in the same year, increasing 9.3 percent compared to 2020. The total dividends to shareholders amounted to AED3.15 billion since its inception in 2004, Empower said.
Ahmad bin Shafar, CEO of Empower, said, “Empower’s performance and its financial results in general, and the profits achieved in particular, reflect its outstanding leadership in the district cooling industry locally and globally.”
Bin Shafar said Empower’s commitment to offer added values to Dubai’s economy, company’s shareholders and its customers across 1,413 buildings, including real estate developers, owners, and end-users.
The CEO also indicated that the expected results of Empower for 2022 are more promising than the previous years, especially after the three deals it concluded recently to acquire the district cooling schemes of Nakheel, Meydan and Dubai International Airport for more than AED2 billion. Also, the commencement of operations of the new generation district cooling plants in densely populated areas, most notably in Za’abeel and Dubai Production City.