Empower Announces AED 425 Million Dividend Payout To Shareholders For H2 2023

The Emirates Central Cooling Systems Corporation PJSC (Empower) held its Annual General Meeting (AGM) with a significant turnout, seeing 90.4 percent of the company's paid-up share capital represented. During this meeting, a pivotal decision was made to distribute cash dividends amounting to AED425 million, translating to AED 0.0425 per share. This distribution marks 42.5 percent of the company's paid-up capital for the latter half of the year 2023. The AGM, led by Chairman Saeed Mohammed Al Tayer and attended by CEO Ahmad bin Shafar alongside Board members, took place at Habtoor Palace, Dubai.

Empower's financial achievements were a focal point of the meeting, with the company announcing its highest-ever revenue of AED3.035 billion and a net profit of AED960 million for the year ending December 31, 2023. These figures underscore Empower's robust financial health and its commitment to delivering shareholder value. The AGM also saw the approval of financial statements and the auditor’s report for the fiscal year.

Aligned with its dividend distribution policy, Empower has set expectations for a minimum annual dividend of AED 850 million in the first two fiscal years following its listing on the Dubai Financial Market (DFM). Notably, dividends for the first half of 2023 were disbursed in October, demonstrating Empower's dedication to rewarding its shareholders.

Chairman Saeed Mohammed Al Tayer highlighted Empower's role as a global leader in district cooling services, emphasizing its commitment to sustainable returns and profitable growth for shareholders. He pointed out the company's strategic expansions and operational enhancements as key drivers of its success. "Empower continues to play a pioneering role in providing environmentally friendly district cooling services in Dubai and contributing to preserving resources, environment, and combating climate change by leveraging state-of-the-art infrastructure, new generation district cooling plants, and its outstanding performance in energy efficiency," Al Tayer remarked.

CEO Ahmad bin Shafar expressed gratitude towards stakeholders for their trust, which has been instrumental in driving Empower's performance. He voiced confidence in achieving greater results in the future by increasing market share within the UAE. Bin Shafar also acknowledged the positive engagement from shareholders and reaffirmed Empower's commitment to maintaining its exceptional performance through deliberate planning and execution.

In summary, Empower's AGM underscored the company's financial strength and strategic direction aimed at enhancing shareholder value and expanding its market presence. With a focus on environmental sustainability and operational efficiency, Empower is set to continue its trajectory of growth and profitability.

With inputs from WAM