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Empower’s profits down in 9M-23; revenues rise to AED 2.26bn

Empower’s profits down in 9M-23; revenues rise to AED 2.26bn
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Dubai – Mubasher: Emirates Central Cooling Systems Corporation (Empower) posted net profits worth AED 684.89 million in the first nine months (9M) of 2023, versus AED 732.04 million in 9M-22.

The UAE company generated revenues valued at AED 2.26 billion in the January-September 2023 period, an annual rise of 9.50% from AED 2.07 billion, according to the income statements.

Basic and diluted earnings per share (EPS) attributable to the shareholders increased to AED 0.06 in 9M-23 from AED 0.07 a year earlier.

Total assets amounted to AED 10.09 billion in 9M-23, versus AED 9.65 billion as of 31 December 2022.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the company recorded a year-on-year (YoY) decline in net profit to AED 281.93 million, compared to AED 300.32 million.

Total revenues grew by 13.70% to AED 1.04 billion in Q3-23 from AED 918.81 million in Q3-22, while the basic and diluted EPS went up to AED 0.02 from AED 0.03.

Ahmad bin Shafar, CEO of Empower, said: “Empower continues to expand its operations, invest in its asset portfolio, and develop its infrastructure to meet the growing demand in Dubai’s district cooling market.”

Bin Shafar highlighted Empower is meeting the demand for district cooling services with the highest standards that exceed global counterparts in Dubai, where the company holds over 80% of its district cooling market.

In the first half (H1) of 2023, the net profits of Empower amounted to AED 402.95 million, compared to AED 431.71 million in H1-22.