More contracts heat up DFM-listed Empower's 9-month revenues to Dh2.45 billion

Dubai: The Dubai district cooling company Empower totaled revenues of Dh2.45 billion for the first 9 months of 2024, from a 9% gain over the year before. That drew in a profit before tax of Dh719 million, a gain of 5%.

The DFM listed company continues to add to its project portfolio as more real estate developments get completed in Dubai and require its district cooling. Empower also has some contracts that are scheduled to go live in 2026.

Dividend update

In October, Empower distributed Dh425 million to its shareholders as H1-2024 dividend. "This commitment ensures that Empower continues to distribute dividends to its shareholders biannually, with a total of AED 850 million disbursed during its first two fiscal years following its listing," said a statement.

This was as part of what it had committed to at the time of the IPO. Going forward, the 'company plans to maintain sustainable dividend distributions in alignment with the growth of its business'.

"Empower has become a benchmark for businesses that align their actions with expectations of its stakeholders in a consistent manner," said Ahmad bin Shafar, CEO.

Over the July to September period, the company signed up 18 contracts to provide a combined 21,640 RT (refrigerated tonnes) of cooling to projects in Dubai. Overall contracts entered into for the nine months total 74, with a contracted capacity exceeding 1.75 million RT. (Empower’s total connected capacity has increased to 1.55 million RT, after adding more than 19,615 RT with 25 new buildings connected during the third quarter.)