STOCK Empower
Empower reported revenue of Dh1.22 billion in for the first half of 2023, a 6.1% growth over the same period last year. Image Credit: Clint Egbert/Gulf News

Dubai: The district cooling services provider Empower will pass on Dh425 million as dividends for H1-2023.

This works to Dh0.0425 a share and collectively making up 42.5 per cent of the DFM-listed district cooling company.

“This distribution marks the fulfillment of Empower's commitment to pay dividends to shareholders twice a year, with a cumulative value of Dh850 million per annum during the first two fiscal years following its listing on DFM,” the company said in a statement on Thursday.

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In April 2023, the company distributed Dh425 million in dividends for the second-half of 2022.

In April 2023, the company distributed Dh425 million in dividends for the second-half of 2022. Followed by another Dh425 million for the first half of 2023, with payment made in October 2023.

"The dividends are a testament to Empower's unwavering commitment to deliver on the promises it made to its valued investors and shareholders," said Ahmad bin Shafar, CEO of Empower. "These promises center on maintaining a sustainable operational and financial performance that benefits our stakeholders and contributes to the growth of Dubai's economy, its residents, and its diverse economic sectors."

The overall performance underscores Empower's strong leadership and highlights the success of our strategies focused on promoting energy-efficient district cooling services and improving operational efficiencies.

- Ahmad bin Shafar

Empower confirmed that it plans to continue distributing dividends for the period spanning the second half of 2023 and the first half of 2024, which will be paid during 2024.

Solid first-half
Empower achieved a notable performance, reporting revenues of Dh1.22 billion in the first half of 2023, reflecting a 6.1 per cent increase compared to the same period last year.

During the first six months, EBITDA demonstrated remarkable growth, reaching Dh654 million, marking a substantial 7.4 per cent rise. Pro forma net profit mirrored this expansion, surging by 7.4 per cent to Dh464 million after adjusting for pre-IPO leverage to ensure consistent quarterly performance. Moreover, the company achieved Dh403 million in absolute net profit.

Empower credited its robust growth to its sustainable business model's success and the burgeoning demand from its diverse customer base. The real estate sector, marked by high occupancy rates in existing projects and significant developments, played a pivotal role in driving this demand, further expanding Empower's portfolio.