Image Credit: Empower

Dubai: The Emirates Central Cooling Systems Corporation PJSC (Empower), in a meeting convened with a quorum of 90.4 per cent of the company’s paid-up share capital, has approved its Board of Directors’ proposal to distribute cash dividends of Dh425 million (Dh0.0425 per share equivalent to 42.5 per cent of the company’s paid-up capital) to shareholders for the second half of 2023.

The meeting reviewed the company’s performance and approved the financial statements and the auditor’s report for the financial year ending December 31, 2023. The company’s shareholders also approved the other agenda items presented at the AGM.

Empower was listed in 2022 on the Dubai Financial Market (DFM) under the symbol (EMPOWER). The company’s financial results for the year ended December 31 2023, showed the highest-ever revenue of Dh3.035 billion, with net profit amounting to Dh960 million. The above dividend distribution aligns with the company’s dividend distribution policy, which is shared with investors. The company expects to pay a minimum dividend amount of Dh850 million per annum in the first two fiscal years following its listing on the DFM. Empower paid the dividend for the first half of 2023 in October.

Saeed Mohammed Al Tayer, Chairman of Empower, said: “Empower continues to record growing financial results and play a pioneering role in providing environmentally friendly district cooling services in Dubai. By leveraging state-of-the-art infrastructure, new-generation district cooling plants, and its outstanding performance in energy efficiency, Empower contributes to preserving resources and the environment and combating climate change.”

The Chairman added that Empower, as a leading global district cooling services provider, is committed to achieving sustainable returns and rewarding shareholders’ profits through thoughtful expansion in the local market, increasing the scope of its services to customers, and enhancing its operational efficiencies.