Empower pays Dh400m dividend to shareholders for 2019


Published: Tue 10 Mar 2020, 6:53 PM

Last updated: Tue 10 Mar 2020, 9:04 PM

Emirates Central Cooling Systems Corporation (Empower) has announced the payment of Dh400 million in dividends to its shareholders for the fiscal year ended on December 31, 2019.
Empower has recorded a net profit of Dh871 million in 2019 with an increase of 8.3 per cent year-over-year (YoY), and 46 per cent of the this is being paid as dividends. The company has also recorded a total revenue of about Dh2.19 billion in 2019, with an increase of 7.9 per cent year-over-year.
The revenues in general and profit in particular, reflect the strength of the company and its leadership in the district cooling sector locally and globally. It also demonstrates the success of its proactive strategy in investing in infrastructure and continuing development that ensure sustainable revenue and high flexibility in keeping pace with the growing demand.
"We are committed to achieving added value for the Dubai economy, the company's shareholders and our 120,000 customers spread over 1180 buildings, including master developers, building owners and end users. The 2019 revenues and profits constitute a new chapter in the track record that has continued for 16 years and herald more thoughtful growth," said Ahmad bin Shafar, CEO of Empower.
Bin Shafar pointed out that Empower's expected performance for 2020 is more promising than previous years. The company has awarded various contracts totaling more than Dh1.1 billion during 2019, including contracts for the construction, engineering consultancy, design and operations of district cooling plants in Dubai. Empower's new projects also include expansion of district cooling pipeline network to serve to the latest projects in Dubai, in addition to building thermal energy storage tanks and many more.
"Empower aims to maintain its pioneering role as a leader provider of high quality and efficient district cooling services in line with the highest international standards and best practices. This achievement is the fruit of the tireless effort 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 Vision 2021, the UAE Centennial 2071, Dubai Plan 2021, and the Dubai Clean Energy Strategy 2050 that aims to make Dubai as the lowest carbon footprint in the world by 2050," Bin Shafar added.
Empower expanded its business portfolio in 2019 to include extending its distribution networks to new urban areas to meet the demand for its services from multi-sectors including residential, commercial, health care, education, entertainment, retail and hospitality.
- business@khaleejtimes.com

By Staff Report

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