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Empower revenues surge on growing real estate demand

By Pramod Kumar
Empower said total connected capacity rose to more than 1.53 million refrigeration tonnes in the first half of 2024 Wam
Empower said total connected capacity rose to more than 1.53 million refrigeration tonnes in the first half of 2024

Dubai-listed Emirates Central Cooling Systems Corporation, also known as Empower, posted an 11 percent year-on-year increase in revenue to AED814 million ($222 million) in the second quarter of 2024.

The rise was fuelled by high demand and growing occupancy rates in housing projects.

Net profit attributable to shareholders fell 6 percent to AED221 million in the second quarter compared to AED 236 million a year earlier.

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Revenue for the first half jumped 10 percent annually to AED1.4 billion, but net profit attributable to shareholders declined 4 percent year on year to AED385 million.

Empower CEO Ahmad Bin Shafar said revenues were boosted by rising demand from real estate developers and building owners, as well as increasing occupancy in real estate projects.

Empower signed 56 new contracts in the first half to provide more than 58,300 refrigeration tonnes (RT), to reach a total contracted capacity of more than 1.72 million RT. 

The volume of consumption of its district cooling services increased by 20 percent in the first half due to the addition of DXB Airport and growing demand from its customer base.  

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