Emirates Central Cooling Systems Corporation (Empower) has announced its financial results for the fiscal year 2024, posting a record annual revenue of AED3.3 billion, marking a 7.4 percent year-on-year (YoY) growth.
The company also reported a net profit of AED908 million, reflecting its strong market performance.
Empower’s profit before tax rose by 5.9 percent compared to 2023, reaching AED998 million. The company maintained its commitment to shareholder returns by distributing AED850 million in cash dividends, split into two equal payments in April and October.
The district cooling provider witnessed a 6.9 percent increase in contracted capacity, reaching 1.78 million refrigeration tonnes (RT) after signing 111 contracts. Its extensive distribution pipeline now spans over 418 kilometers across Dubai, with a total of 88 district cooling plants.
The number of buildings serviced by Empower increased to 1,637 in 2024, up by 7.2 percent from the previous year. Residential buildings make up 67 percent of this total, followed by commercial and office spaces (14 percent), hospitality (13 percent), healthcare (2 percent), and the remaining 4 percent covering education, entertainment, and other sectors.
Empower’s customer base surpassed 143,000 in 2024, with district cooling consumption increasing by 10 percent. Digital transactions also saw a significant rise, with 888,860 bill payments processed, reflecting a 10 percent growth. Additionally, the company approved 42,735 No Objection Certificate (NOC) applications, a 22 percent increase, streamlining project execution for developers and contractors.
Empower CEO Ahmad bin Shafar highlighted that the company has successfully capitalized on Dubai’s economic growth, leveraging opportunities in the real estate, hospitality, and entertainment sectors to drive expansion and sustain dividend payments.
News Source: Emirates News Agency
