Dubai: Dubai’s district cooling leader Empower reported revenue of Dh1.22 billion in for the first half of 2023, a 6.1 per cent growth over the same period last year.
EBITDA for the first six months also exhibited significant progress, reaching Dh654 million, a growth rate of 7.4 per cent. Pro forma net profit also followed suit, climbing by 7.4 per cent to Dh464 million, after adjusting for pre-IPO leverage to ensure comparable quarterly performance. Additionally, on an absolute net profit basis, the company recorded a net profit of Dh403 million.
Empower attributes this growth to the success of its sustainable business model and the surging demand from its diverse customer base. The real estate sector played a vital role in driving this demand, as high occupancy rates in existing real estate projects and a substantial increase in large real estate ventures added to Empower's portfolio.
“The results of the first half of 2023 are a realistic translation of the promises made by Empower to investors and shareholders,” said Ahmad bin Shafar, CEO of Empower. “We aim to maintain upward, thriving, and sustainable operational and financial performance to bring significant benefits to our stakeholders and contribute to Dubai’s economy, its residents, and various economic sectors."
Empower also announced a record increase in the consumption of its district cooling services (measured in Refrigeration Ton hours-RTh), which surged by 7.2 per cent during the first half of 2023 compared to the same period in the previous year. This growth can be largely credited to the thriving economic activities and flourishing real estate sector in Dubai.
Bumper first-half
In first half of 2023 Empower acquired the rights to operate the district cooling systems of Dubai International Airport, with a total capacity of 110,000 RT, valued at Dh1.1 billion. The company also entered into several exclusivity agreements including concessions agreements with major real estate development projects.
Additionally, the company commenced operations of its new district cooling plant in Dubailand, with a capacity of 47,000 RT, and initiated the upgradation of its JBR district cooling plant in Dubai with modern and innovative technologies.
