Empower Achieves Historic AED 3.3 Billion Revenue In Fiscal Year 2024

Emirates Central Cooling Systems Corporation (Empower) has reported its financial performance for 2024, achieving a record annual revenue of AED3.3 billion. This represents a 7.4 percent increase compared to the previous year. The company also recorded a net profit of AED908 million for the same period.

Empower's profit before tax rose by 5.9 percent from 2023, reaching AED998 million in 2024. The net profit after tax remained at AED908 million. In line with its commitment to shareholders, Empower distributed cash dividends totaling AED850 million in two equal parts during April and October.

The company's contracted capacity saw a rise of 6.9 percent over the previous year, reaching 1.78 million refrigeration tonnes (RT) after securing 111 contracts throughout 2024. Empower's distribution pipeline network now spans over 418 kilometres across Dubai, with the number of district cooling plants increasing to 88.

In terms of service reach, Empower provided district cooling services to 1,637 buildings in 2024, marking a growth of 7.2 percent from the prior year. Of these buildings, residential properties accounted for 67 percent, commercial and office spaces made up 14 percent, while hospitality and hotel sectors comprised 13 percent.

The healthcare sector represented 2 percent of the buildings served by Empower, while education, entertainment, and other sectors collectively accounted for the remaining 4 percent. The customer base expanded beyond 143,000 users in 2024.

District cooling consumption increased by 10 percent in refrigeration tonnes per hour (RTh) compared to the previous year. Additionally, digital payment channels processed a total of 888,860 transactions in partnership with strategic banking and financial partners, reflecting a similar growth rate of 10 percent.

No Objection Certificates and Strategic Goals

Empower approved a total of 42,735 applications for No Objection Certificates (NOCs) in 2024. This marked an increase of 22 percent from the previous year. These NOCs facilitate smooth project execution for building owners and contractors by preventing violations and saving time.

Ahmad bin Shafar, CEO of Empower, highlighted that the company has effectively utilised Dubai’s dynamic economic environment to meet its strategic objectives. He noted significant growth across various sectors including residential, commercial, hospitality, and entertainment.

The company aims to continue sustainable dividend payments aligned with its business expansion strategy.

With inputs from WAM