Empower Reports Strong Q3 2024 Financial Results

Emirates Central Cooling Systems Corporation PJSC (Empower), the world’s largest district cooling services provider, announced a robust performance for Q3 2024, with total revenue reaching AED 2.451 billion and EBITDA of AED 1.124 billion for the nine months ending September 30, 2024.

This marks an 8.0% growth in revenue and a 4.7% rise in EBITDA year-on-year. The company’s profit before tax increased by 5.0%, reaching AED 719 million.

The impressive growth is attributed to strong demand for Empower’s environmentally friendly district cooling services, driven by a thriving real estate market, new development projects, and increased customer base in Dubai. CEO Ahmad bin Shafar highlighted Empower's role as a benchmark for businesses aligning with stakeholder expectations.

Over the past 12 months, Empower saw a 7.6% increase in revenue, totaling AED 3.217 billion, while EBITDA grew by 4.2%. In October 2024, the company distributed AED 425 million in dividends to shareholders, with plans to continue sustainable distributions.

In Q3 2024, Empower signed 18 new contracts, adding 21,640 Refrigeration Tons (RT) to its portfolio, bringing the total contracted capacity for the year to over 1.75 million RT. Empower also celebrated a historic achievement, setting a Guinness World Record for the highest-capacity district cooling project globally at its Business Bay project, with a total connected capacity of 241,272 RT.

Empower continues to expand its infrastructure, with new district cooling plants under construction in Deira and Jumeirah Village, further solidifying its leadership in Dubai’s sustainable development and clean energy initiatives.

News Source: Duabi Media Office