Empower
Summary
Emirates Central Cooling Systems Corporation PJSC (DFM: EMPOWER) (ISIN: AEE01134E227), the world’s largest district cooling services provider, announced its financial results for the fiscal year 2023, with a record revenue of AED 3.035 billion, marking a significant growth of 8.7 % compared to 2022. The company has recorded a net profit of AED 960 million for the reporting year. In a press statement, Empower has also proposed a final dividend of AED 425 million for 2023, to be paid by April 2024 to its shareholders.
For the year 2023, Empower’s revenue and EBITDA grew by 8.7% and 6.2% respectively. The pro forma Net Profit grew by 6.1% to AED 1,083 million. This pro forma Net Profit comparison adjusts for pre IPO leverage to show comparable performance. On an absolute basis, Empower reported a net profit of AED 960 million for the year 2023.
Empower has also excelled in its operational performance; the number of buildings catered by Empower’s district cooling services reached 1522 buildings by the end of 2023 with an increase of 4% compared to 2022, while the total length of the district cooling pipeline network exceeded 398 kilometers with an increase of 4.7% compared to 2022.
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