Dubai: Empower approves Dh425 million dividends to shareholders

The annual general meeting (AGM) of the Emirates Central Cooling Systems Corporation PJSC (Empower) has approved its board of directors’ proposal to distribute cash dividends of Dh425 million (Dh0.0425 per share equivalent to 42.5 per cent of the company’s paid-up capital) to shareholders for the second half of the year 2023.

Saeed Mohammed Al Tayer, chairman of Empower, chaired the AGM that took place on Wednesday, and was attended by Ahmad bin Shafar, chief executive officer, and members of the board of directors of Empower. The meeting reviewed the company’s performance and approved the financial statements and the auditor’s report for the financial year ending December 31, 2023. The company’s shareholders also approved the other agenda items presented at the AGM.

Empower was listed in 2022 on the Dubai Financial Market (DFM). The company’s financial results for the year ended December 31 2023, showed the highest-ever revenue of Dh3.035 billion, with net profit amounting to Dh960 million. The above dividend distribution is in alignment with the company’s dividend distribution policy, shared with investors. The company expects to pay a minimum dividend amount of Dh850 million per annum in the first two fiscal years following its listing on the DFM. Empower paid the dividend for the first half of the year 2023 in October.

Al Tayer said: “Empower continues to play a pioneering role in providing environmentally friendly district cooling services in Dubai and contributing to preserving resources, environment, and combating climate change by leveraging state-of-the-art infrastructure, new generation district cooling plants, and its outstanding performance in energy efficiency.”

Ahmad bin Shafar said: “Empower’s success story and its prestigious position at the forefront of the global district cooling industry , is the fruit of the continuous patronage of our wise leadership, which enabled it to hold an outstanding position in one of the most vital and strategic industries in the world. Truly, the trust of our various stakeholders has driven the company’s performance, and we are confident of achieving greater results in the coming years with a focus on increasing our market share within the UAE.”

• Business