Empower approves cash dividend of AED 500 million to its shareholders

3.15 billion dirhams total dividends to shareholders since 2004.

The Company generated 2.464 billion dirhams revenues, with a growth of 9.3% and 936 million dirhams net profit, with a growth of 4% in 2021.

Bin Shafar: We are committed to offering value addition to Dubai’s economy, our shareholders and customers.

Dubai – United Arab Emirates, March 9, 2022: Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, announced a dividend of AED 500 million to its shareholders for the fiscal year ending on December 31, 2021. The dividend payout represents 53.4% of the 936 million dirhams, the total net profit achieved by Empower for the last fiscal year that increased by 4% compared to 2020. The company has also reported an impressive total revenue of AED 2.464 billion in the same year, with an increase of 9.3% compared to 2020. The total dividends to shareholders amounted to 3.15 billion dirhams since its inception in 2004, the company 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. At the same time, it highlights the effectiveness of its proactive strategy to maximize its investments in district cooling infrastructure by developing assets that guarantee sustainable revenues on one hand and higher flexibility to keep pace with the increasing demand on the other hand.”

Bin Shafar affirmed Empower’s commitment to offering added values to Dubai’s economy, company’s shareholders and its customers across 1,413 buildings, including real estate developers, owners and end users. He pointed out that the 2021 results represents a new chapter in the record of successes that have continued for nearly two decades, and promised more deliberate growth path.

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 two billion dirhams, in addition to the commencement of operations of the new generation district cooling plants in densely populated areas, most notably in Za’abeel and Dubai Production City. As part of its expansion plans, the company has awarded contracts for various activities including engineering consultancy, construction, design and operation of district cooling plants. The contracts also cover the expansion of the service transmission network, which has reached a total length of 369 kms last year, as well as the extension of new networks to serve the latest projects in Dubai, in addition to building thermal energy storage facilities and others.

Bin Shafar added that Empower is focused on continuing its leadership in providing district cooling services with high quality and efficiency in accordance with the highest international standards and best practices.

“Our diligent work is inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to achieve sustainable development at all levels, including the UAE Centennial 2071 and the Dubai Clean Energy Strategy 2050, to make Dubai the city with the lowest carbon footprint in the world by 2050.”

Bin Shafar pointed out that Empower has strengthened its business portfolio in 2021 by expanding its distribution networks to new urban areas to meet the demand for its services from mixed-use projects, including residential, commercial, healthcare, hospitality, education, entertainment and retail sectors.

“The year 2021 was an important milestone in the history of Empower at all levels, and the successes achieved during the past year are unprecedented in quantity and quality, thanks to many factors, most notably the strategic business model that is based on increasing investment in infrastructure, and being proactive in adopting and developing modern technologies. These factors collectively paved the way for the success of our expansions in the district cooling market in Dubai, driven by the significant growth in service supply networks and the largest diversified projects in the emirate, which significantly increased the quantity and quality of the projects portfolio and the beneficiaries of our services,” bin Shafar concluded.