Dubai – Mubasher: The board members of Emirates Central Cooling Systems Corporation (Empower) approved cash dividends valued at AED 425 million for the first half (H1) of 2023.

The cash dividends account for 42.50% of the company’s paid-up capital, according to a press release.

Empower paid AED 0.04 per share in line with its commitment to disburse dividends to shareholders twice a year at an aggregated value of AED 850 million during the first two years following its DFM listing.

Last April, the company distributed AED 425 million in dividends for H2-22.  

Meanwhile, the firm plans to continue distributing dividends for H2-23 and H1-24, which shall be paid during 2024.

Ahmad bin Shafar, CEO of Empower, commented: "The overall performance underscores Empower's strong leadership within the district cooling industry and highlights the success of our strategies focused on promoting energy-efficient district cooling services and improving operational efficiencies.

In the January-June 2023 period, the UAE-based company generated  AED 402.95 million in net profit, compared to AED 431.71 million in H1-22.