Empower's 2014 profit jumps 65% to Dh410m
District cooling service provider Empower on Sunday announced that its 2014 net profit reached Dh410 million for the fiscal year ending December 31, 2014, an increase of 65 per cent year on year (YoY) from 2013.
Total revenues for the year reached Dh1.50 billion, a 76 per cent increase YoY.
Ahmad bin Shafar, Chief Executive Officer, Empower, said: “Last year, we have undertaken an ambitious development strategy to improve our infrastructure, reasserting our commitment to provide world- class district cooling services.”
Revenue growth for the company includes the first full year of operations following the acquisition of Palm District Cooling (PDC), a Dubai- based entity that Empower acquired in Q4, 2013.
“Following the acquisition of Palm District Cooling last year, we have grown into a company that holds the largest district cooling portfolio in the world,” continued Bin Shafar.
“This has resulted in the growth of our projects, capacity, assets and customers. Our company is providing services to many prestigious projects and in the last 12 months, we have added more unique and world-class projects to our portfolio.”
Empower began in 2014 with the acquisition of PDC from Istithmar World in a $500 million agreement and the year was significant as Empower successfully aligned operations of both entities.
Notable new projects signed by Empower last year include a Dh750 million agreement with Tecom Investments’ to provide Dubai Design District (d3) with 120,000 RT of district cooling services, signifying a 12 per cent capacity addition to Empower’s network.
During 2014, Empower also completed its second plant in Business Bay Project, which is the region’s first district cooling facility of this size built as per the green building principles.
The company continues generating healthy earnings before interest, taxes, depreciation, and amortisation (EBITDA) and has accordingly re-paid loans amounting to Dh350 million during the year.
“We have also declared dividends to our shareholders for the second consecutive year, which demonstrates the robustness and the strength of our business model and our financing strategy. The dividend payment this year amounts to Dh250 million,” said Bin Shafar
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