Emirates Central Cooling Systems Company (Empower) recorded a historic annual revenue of AED3.3 billion for 2024, representing a growth of 7.4% over the previous year. The company also reported a net profit of AED908 million for 2024.
Publish dateSaturday 15 February 2025 - 19:43
According to Amac News, based on Empower's announcment, the company’s pre-tax profit increased by 5.9% compared to 2023, reaching AED998 million in 2024.
Empower also managed to increase its total net profit after tax to AED908 million in 2024.
This year, Empower distributed AED850 million as cash dividend in two installments of AED425 million, paid in April and October. The move is part of the company’s commitment to pay out AED850 million annually in the first two financial years after listing on the Dubai Financial Market.
The company expects to maintain stable dividend payments in line with its business growth.
The company’s contracted capacity increased by 6.9% compared to 2023 to 1.78 million tons of refrigeration (RT). This increase in capacity was due to the signing of 111 contracts during the year.
The total length of Empower’s distribution pipeline network in various areas of Dubai has exceeded 418 km, and the number of district cooling stations has reached 88.
The number of buildings to which the company provides district cooling services reached 1,637 in 2024, representing an increase of 7.2% compared to 2023. Of this, 67% are residential, 14% commercial and office buildings, 13% are in the hospitality and hotels sector, and 2% are in the healthcare sector. The remaining 4% is distributed across education, entertainment, and other sectors.
Empower’s customer base has surpassed 143,000, and district cooling consumption has increased by 10% in 2024 compared to the previous year.
In addition, bill payments made through Empower’s digital payment channels and its strategic banking and financial partners reached 888,860 transactions in 2024, representing a 10% increase over 2023.
Empower approved 42,735 No Objection Certificate (NOC) applications in 2024, representing a 22% increase over the previous year. These certificates allow building owners, consultants, and contractors to easily implement their desired projects and avoid violations, damages, and fines.
Empower also managed to increase its total net profit after tax to AED908 million in 2024.
This year, Empower distributed AED850 million as cash dividend in two installments of AED425 million, paid in April and October. The move is part of the company’s commitment to pay out AED850 million annually in the first two financial years after listing on the Dubai Financial Market.
The company expects to maintain stable dividend payments in line with its business growth.
The company’s contracted capacity increased by 6.9% compared to 2023 to 1.78 million tons of refrigeration (RT). This increase in capacity was due to the signing of 111 contracts during the year.
The total length of Empower’s distribution pipeline network in various areas of Dubai has exceeded 418 km, and the number of district cooling stations has reached 88.
The number of buildings to which the company provides district cooling services reached 1,637 in 2024, representing an increase of 7.2% compared to 2023. Of this, 67% are residential, 14% commercial and office buildings, 13% are in the hospitality and hotels sector, and 2% are in the healthcare sector. The remaining 4% is distributed across education, entertainment, and other sectors.
Empower’s customer base has surpassed 143,000, and district cooling consumption has increased by 10% in 2024 compared to the previous year.
In addition, bill payments made through Empower’s digital payment channels and its strategic banking and financial partners reached 888,860 transactions in 2024, representing a 10% increase over 2023.
Empower approved 42,735 No Objection Certificate (NOC) applications in 2024, representing a 22% increase over the previous year. These certificates allow building owners, consultants, and contractors to easily implement their desired projects and avoid violations, damages, and fines.
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Source : news agency wam
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