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Empower reports 41.3% rise in buildings using district cooling

The company plans to pay a minimum of AED850 million in dividends in each of the first two fiscal years after the IPO

Dubai-based Emirates Central Cooling Systems Corporation (Empower) reported a 41.3 percent growth in the number of buildings using its district cooling services over the last five years. 

The number of buildings reached 1,413 by the end of 2021, 13 percent higher year-on-year, the company said in a statement.

In 2021, Empower’s district cooling market share stood at 80 percent in Dubai.

The residential sector tops the list of the company’s clients with 64 percent, followed by commercial (15 percent) and hospitality (14 percent), serving more than 17 percent of hotels in Dubai.

The statement said that the healthcare sector made up three percent, while the remaining four percent was distributed among the retail, education, and entertainment sectors. 

Empower, which is 70 percent owned by Dubai Electricity and Water Authority, reported a revenue of AED 1.15 billion ($310 million) and a net profit of AED 432 million, rising 16 percent and 11 percent year-on-year, respectively, in the first half of 2022.

DEWA also reported in July that Empower plans to spend around AED 3 billion expanding its district cooling capacity and network.

Reuters reported in May that sources told it Empower has invited investment banks to pitch for roles in its planned initial public offering.