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Tue 10 Mar 2020 02:26 PM

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Dubai's Empower says to pay $109m in dividends after 2019 profit hike

Emirates Central Cooling Systems Corporation announces 8.3% rise in net profit and 7.9% increase in revenue for 2019

Dubai's Empower says to pay $109m in dividends after 2019 profit hike

Ahmad bin Shafar, CEO of Empower.

Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, has announced the payment of AED400 million ($109 million) in dividends to its shareholders for 2019.

Empower on Tuesday recorded a net profit of AED871 million, an increase of 8.3 percent on the previous year, and total revenue of AED2.19 billion, up 7.9 percent, the company said in a statement.

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

Bin Shafar added that Empower's expected performance for 2020 is "more promising than previous years".

The company awarded various contracts totaling more than AED1.1 billion during 2019, including deals for the construction, engineering consultancy, design and operations of district cooling plants in Dubai.

Empower’s new projects also include expansion of district cooling pipeline network to serve to the latest projects in Dubai, in addition to building thermal energy storage tanks, it added.

Empower provides district cooling services to over 120,000 customers, with a total cooling capacity of 1,530,000 refrigeration tons across Dubai.

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