Empower pays dividend of AED400 million to shareholders for 2019

Emirates Central Cooling Systems Corporation, Empower, announced a payment of AED400 million as dividend to its shareholders for the fiscal year ended on 31st December 2019.

Empower recorded a net profit of AED871 million in 2019 with an increase of 8.3 percent year-on-year, Y-o-Y, and 46 percent of this is being paid as dividends. The company also recorded a total revenue of some AED2.19 billion in 2019, with an increase of 7.9 percent Y-o-Y and the total dividend paid to its shareholders amounted to AED2.25 billion since 2004.

The revenue in general and profit, in particular, reflect the strength of the company and its leadership in the district cooling sector locally and globally. They also demonstrate the success of its proactive strategy in investing in infrastructure and development.

"We are committed to achieving added value for Dubai's economy, the company’s shareholders and our 120,000 customers spread over 1,180 buildings, including master developers, building owners and end-users. The 2019 revenues and profits constitute a new chapter in the track record that has continued for 16 years and herald more growth," said Ahmad bin Shafar, CEO of Empower.

Bin Shafar pointed out that Empower's expected performance for 2020 is more promising than the previous years. The company has awarded various contracts totalling more than AED1.1 billion in 2019, including for the construction, engineering consultancy, design and operation of district cooling plants in Dubai.

"Empower aims to maintain its pioneering role as a leading provider of high quality and efficient district cooling services in line with the highest international standards and best practices. This achievement is the fruit of the tireless effort inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to achieve sustainable development across all levels, including the UAE Vision 2021, the UAE Centennial 2071, Dubai Plan 2021, and the Dubai Clean Energy Strategy 2050 that aims to make Dubai the city with the lowest carbon footprint in the world by 2050," he said in conclusion.

Empower expanded its business portfolio in 2019 to include extending its distribution networks to new urban areas to meet the demand for its services from multi sectors, including residential, commercial, health care, education, entertainment, retail and hospitality.