Dubai, UAE — The Emirates Central Cooling Systems Corporation (Empower) Board proposes cash dividends totaling AED425 million ($115.7 million or AED 0.0425 per share equivalent to 42.5 percent of the company’s paid-up capital) for the second half of 2023.
Empower, listed on the Dubai Financial Market, achieved record-high revenue of AED 3.035 billion and net profit of AED960 million during the year ended December 31, 2023.
The company anticipates a minimum dividend payout of AED850 million annually during the first two fiscal years post-listing on the DFM. Empower had disbursed dividends for the first half of 2023 in October.
Chairman Saeed Mohammed Al Tayer emphasized Empower’s commitment to delivering sustainable returns and rewarding shareholders. He highlighted the company’s role as a global leader in district cooling services, emphasizing its contribution to environmental preservation and combating climate change through advanced infrastructure and energy-efficient operations.
CEO Ahmad bin Shafar expressed confidence in achieving greater results in the forthcoming years, driven by stakeholders’ trust and a focus on expanding market share within the UAE.