Empower Reports AED 540 Million In Revenue For Q1 2025 Amid Strategic Growth Initiatives

Emirates Central Cooling Systems Corporation PJSC, known as Empower, has released its financial results for the first quarter of 2025. The company reported a revenue of AED540 million, marking a 0.4% increase from the same period in 2024. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) reached AED297 million. Pre-tax net profit stood at AED159 million, while the net profit after tax was AED145 million for the quarter ending on March 31, 2025.

Empower's CEO, Ahmad Bin Shafar, highlighted the company's strategic expansion and expertise in district cooling as key factors driving growth. "The sustainable growth during the first quarter of this year is a direct result of our strategic expansion in key projects, combined with Empower’s expertise in maximising the value of its growing footprint in the district cooling market," he stated. He also noted that Empower's services are increasingly preferred by building owners and end-users.

In Q1 2025, Empower signed 46 new contracts to supply over 43,000 refrigeration tons (RT) to various projects across Dubai. This expanded their total contracted capacity to more than 1.81 million RT. Additionally, their connected capacity surpassed 1.58 million RT after adding over 15,000 RT during this period. The demand for environmentally friendly district cooling solutions continues to rise among real estate developers and property owners.

The company strengthened its presence in Dubai through agreements with major projects. A notable partnership with Wasl Group will provide district cooling for The Island Resort project with a capacity of 23,853 RT by Q1 2028. Another agreement with Dubai Multi Commodities Centre (DMCC) will supply cooling for Uptown Dubai's next phase with a capacity of 24,675 RT.

Empower's consolidated revenues for April 2024 to March 2025 were AED3.26 billion compared to AED3.08 billion from April 2023 to March 2024, showing a growth of 6%. EBITDA for this period was AED1.53 billion, up by 3.3% from the previous year. In March 2025, Empower's Annual General Meeting approved cash dividends totaling AED437.5 million for H2 2024.

The dividend represents a payout of 4.375 fils per share or 43.75% of Empower’s paid-up capital. This decision reflects the company's commitment to delivering rewarding returns and sustainable growth for shareholders.

Operational Achievements and Industry Recognition

During Q1 2025, Empower added 19 new buildings to its portfolio and saw a significant rise in online registrations by new customers from both public and private sectors—up by 22% compared to last year. The company processed over 224,886 bill payment transactions online with strategic partners like banks and financial institutions—a rise of 7% from last year.

Empower also approved over 11,116 No-Objection Certificate (NOC) service requests during this period—an increase of 8% year-on-year (YoY). These achievements underscore Empower’s efforts to streamline operations efficiently.

Global Engagements and Leadership Recognition

Empower participated in the IDEA Campus Energy Conference held in Boston from February 3-6, organised by the International District Energy Association (IDEA). Over a thousand participants attended globally where Ahmad Bin Shafar met Rob Thornton—President & CEO of IDEA—to discuss preparations for Dubai hosting District Cooling Conference again in future.

In Q1 this year itself; Ahmad Bin Shafar was named among "Dubai100" list by Arabian Business recognising influential individuals shaping Dubai’s future across various sectors including business technology culture etc., highlighting his contributions towards sustainability advancement reinforcing city’s status globally as innovation excellence hub.

The company's ongoing investments in expanding its asset portfolio are crucial drivers behind delivering enhanced value while ensuring long-term returns remain sustainable amidst broader economic growth opportunities within real estate momentum capitalised effectively upon too!

With inputs from WAM