The general assembly meeting was helmed by Empower Chairman Saeed Mohammed Al Tayer. Image Credit: Supplied

Dubai: The General Assembly of Emirates Central Cooling Systems Corporation PJSC (Empower) approved cash dividends of Dh425,000,000 to shareholders at Dh0.0425 per share, representing an equivalent to 42.5 per cent of the company’s paid-up capital.

The dividends are approved for the second half of the year 2022, and are set to be paid to shareholders in the month of April.

The general assembly meeting was helmed by Empower Chairman Saeed Mohammed Al Tayer on Wednesday.

They assembly also voted and approved the recommendation of the Board of Directors regarding the suspension of any additional allocation of profits to the legal reserve, as the company’s statutory reserve has reached 50 per cent of its paid-up capital.

Empower recorded revenues of Dh2.79 billion as well as net profits of over Dh1 billion for the year ending December 31, a 7 per cent growth over the year-ago period.

Al Tayer said: “Empower is moving forward with its expansion, extending the reach of its services and developing its unique business model that enabled it to become the world’s largest provider of eco-friendly district cooling services. Empower today plays very important role in securing eco-friendly district cooling services in Dubai as well as in the protection of resources, the environment and the climate at the local and global levels.”

“Our ability to deliver such robust growth rests to a large extent on our expansive world-class infrastructure and our highly automated and efficient plants, with environmentally beneficial nature of Empower’s operations. Throughout our history, we have promoted and optimized the use of energy in the district cooling industry. We are proud to serve efficient and reliable cooling services while reducing greenhouse gas emissions,” added HE Al Tayer.

Ahmad bin Shafar, CEO of Empower, added: “The continuous support that Empower has received from our wise leadership, since the establishment of the Company until its listing in the Dubai Financial Market, was and continues to be the contributor for its success in achieving international leadership in one of the most vital and strategic industries in the world. It has also a vital role in the successful privatization program in Dubai, and its presence in one of the most prosperous financial markets at the world level.”