Yesterday, the Emirates Central Cooling Systems Corporation (Empower) announced its financial results for the first nine months of this year, recording total revenues amounting to 2.451 billion dirhams, a growth of 8% compared to the same period last year, while achieving profits before interest, taxes, depreciation and amortization of $ 1.124 billion dirhams, an increase of 4.7%, while profits before tax amounted to 719 million dirhams, an increase of 5%.
Empower confirmed in a statement that the exceptional growth in its revenues and profits during the first nine months of 2024 is due to the significant increase in demand for the organization’s services in various regions of Dubai, whose real estate market is witnessing a growth in demand on the one hand, and an increase in the number of new development projects. On the other hand, which in turn led to the growth of the organization’s operations and the increased spread of its environmentally friendly services.
Empower CEO, Ahmed Bin Shafar, said: “The organization has become a role model for companies that fulfill their promises to their customers and shareholders, and it also has a significant positive impact on all partners.”
He added that Empower is working to enhance its operations to meet the increasing demand resulting from the economic development in Dubai, the positive performance of its real estate market, and growth rates in the hospitality and entertainment sectors.
During the past 12 months, Empower’s consolidated revenues amounted to 3.217 billion dirhams (from October 2023 to September 2024), compared to 2.989 billion dirhams (from October 2022 to September 2023), a growth of 7.6%.
Earnings before interest, taxes, depreciation and amortization for the same periods amounted to 1.512 billion dirhams (October 2023 – September 2024), compared to 1.451 billion dirhams (October 2022 – September 2023), a growth rate of 4.2%.
Empower distributed dividends worth 425 million dirhams to shareholders for the first half of the current year in October 2024. Thus, Empower has committed to distributing dividends to shareholders twice annually, with a total value of 850 million dirhams during the first two financial years after its listing on the Dubai market. Financial.
After distributing committed dividends for the first two financial years after the IPO, the Corporation plans to continue distributing sustainable dividends in line with the growth of its business.
• A significant increase in demand for the organization’s services in Dubai
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