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Empower sees AED 732m profits to owners in 9M-22

Empower sees AED 732m profits to owners in 9M-22
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Dubai - Mubasher: Emirates Central Cooling Systems Corporation (Empower) registered AED 731.96 million net profits attributable to the equityholders in the first nine months (9M) of 2022, versus AED 660.10 million.

Revenues amounted to AED 2.07 billion during January-September 2022, higher than AED 1.80 billion in the year-ago period, according to the income statements.

The basic and diluted earnings per share (EPS) attributable to the owners rose to AED 0.73 in 9M-22 from AED 0.66 in 9M-21.

In the third quarter (Q3) of 2022, the net profits attributable to the shareholders enlarged to AED 300.31 million, compared to AED 271.04 million during the same period in 2021.

The revenues increased to AED 918.81 million in Q3-22 from AED 813.66 million in Q3-21, while the basic and diluted EPS attributable to the equityholders edged up to AED 0.30 from AED 0.27.

Empower began trading on Dubai Financial Market (DFM) on 15 November 2022 at a price of AED 1.33 per share, raising AED 2.66 billion and a market cap of AED 13.30 billion.

The offering was oversubscribed 47 times at an amount of AED 124.69 billion.

Hamed Ali, CEO of the DFM and Nasdaq Dubai, said: “The listing of Empower underscores the sustained momentum of [initial public offerings] IPOs on DFM year to date, as the new issuers raised AED 33.40 billion and attracted a record level of subscribed funds totalled AED 659.20 billion.”