Empower recorded revenue of AED2.8bn ($762m) last year, it reported on Monday.
The figure for Emirates Central Cooling Systems represents growth of 13.3 per cent compared to 2021.
Empower recorded net profit of AED1.001bn ($273m), representing an increase of 7 per cent compared to the previous year.
Empower profits
The company also proposed a dividend of AED425m for the second half of the year, as stated in the prospectus.
The performance reflects the confidence in Empower by its customers and stakeholders, and the economic boom of Dubai.
Ahmad bin Shafar, CEO of Empower, said, “2022 marks an important milestone in the history of Empower and a significant event in its journey towards growth and prosperity, especially following its listing on the Dubai Financial Market.
“The successes achieved during 2022 are unprecedented, as the company’s portfolio is growing at an accelerated pace serving a diversified portfolio of projects.”
He added that Empower is committed to distributing a total dividend of AED850m per annum for the first two years, subject to the approval of Board of Directors and General Assembly.
Bin Shafar said Empower is creating a sustainable business model and meeting the growing demand for district cooling services.
The quality and sustainability of its services and advanced infrastructure has made it one of the world’s largest player in the district cooling industry, and the most capable for expansion and planned growth, he added.
“Thanks to our innovative business model, we have managed to expand and achieve consistent growth based on ambitious proactive plans that focus on upgrading the capabilities of our teams, investing in infrastructure, and adopting modern and advanced technologies in its kind.”
Bin Shafar pointed out that by the end of 2022, Empower has provided district cooling services to more than 1,463 buildings, most notably the recently added Atlantis The Royal Hotel, Museum of the Future, Marsa Al Arab, One Zabeel, Wasl1 and many other huge iconic developments to the company’s portfolio, bringing the demand for district cooling services high by 13.3 percent compared to 2021.
He added the company has delivered district cooling services to various regions in Dubai by expanding its network to more than 380km by the end of the year, allowing the company to increase its share in the Dubai’s district cooling market to more than 80 percent.
Ahmad bin Shafar, CEO of Empower.
He concluded that in 2023 Empower will mainly focus on “ensuring profitable and sustainable returns to its shareholders, investing in developing the district cooling infrastructure of the company, and expanding its transmission and distribution networks to cover more regions in the emirate of Dubai.”
Empower caters to the vital sectors in Dubai, as it provides district cooling services to more than 64 per cent of the residential buildings and 15 per cent of commercial buildings in Dubai.
The hospitality sector’s share is 14 per cent and the health sector accounted for 3 per cent, with the remaining 4 per cent distributed among the education, entertainment, retail sectors, and others.
Bin Shafar said that catering to various sectors in Dubai will continue with the aim of helping the sectors assume their responsibilities in reducing carbon emissions and enhancing Dubai’s endeavours to achieve a green economy and sustainable development.
Last year Empower announced the launch of the first phase of its Zabeel District Cooling plant with a production capacity of 27,750 refrigeration tonnes (RT).
The company said total production capacity of the plant will reach 50,000 RT upon its completion, noting that the interconnection between the new Zabeel Plant and the Dubai International Financial Centre Plant will bring a total production capacity to 112,000 RT.
The company has also started the operations of the first phase of its fourth district cooling plant in the Business Bay area in Dubai, with a production capacity of 27,750 RT, and the total production capacity of the plant will reach 50,000 RT upon the completion of all construction phases by the end of September 2023.
Empower also awarded a contract in the past year, for the construction of a new-generation district cooling plant in the Dubailand Residence Complex development, for a total value of AED193m, with the aim of providing environmentally-friendly world-class district cooling services to the development.
The plant will have a production capacity of 23,500 RT with the completion of the first phase, and is set to be operated during the first quarter of 2023. The company indicated that the total capacity of the new plant will reach 47,000 RT upon completion of the whole project.
Empower also began a scaling up plan that includes expansions and developments of the infrastructure of its district cooling systems in Business Bay, bringing its efficiency to unprecedented levels and making the Business Bay region one of the single largest and independent urban district cooling project in the world, with a total capacity of 450,000 RT through six district cooling plants and 10 thermal energy storage systems.
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