Empower’s profit falls 5% despite record revenue

Empower, Dubai’s, and the world’s, largest district cooling company, reported a net profit of AED960 million ($261.37 million) for 2023, down five percent from AED1 billion in 2022.

Revenue was at a record high of AED3 billion, rising 8.7 percent year on year, the company said in a statement to the Dubai bourse on Monday.

A final dividend of AED425 million was announced for 2023, which will be paid by April 2024. The company earlier paid a cash dividend of AED850 million last year.

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Empower, more fully the Emirates Central Cooling System Corporation, concluded several master development agreements in 2023. One was with Dubai Maritime City (DMC) to provide cooling services with a total capacity exceeding 63,000 refrigeration tonnes.

Last year, Empower, which is 56 percent owned by the Dubai Electricity and Water Authority and 24 percent by Emirates Power, delivered district cooling services to 1,522 buildings in the emirate. Almost 64 percent of the total buildings served were residential buildings and 15 percent were commercial and office buildings.

The hotel and hospitality sector represented 14 percent of total buildings, with Empower serving 21 percent of Dubai’s hotels, totalling 821.

The health sector accounted for 3 percent, while the remaining 4 percent was distributed among education, entertainment, shopping centres and other sectors. 

Ahmad bin Shafar, CEO of Empower, said the company remains committed to supporting sectors across Dubai in their carbon reduction efforts, aligning with the emirate’s vision for a green economy and sustainable development.