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Empower announces net profit of AED 516 million

Dubai-headquartered District Cooling company says its 2015 revenues reached AED 1.66 billion

| | Feb 25, 2016 | 3:25 pm
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Dubai, UAE: Emirates Central Cooling Systems Corporation (Empower), has announced a net profit of AED 516 million for the fiscal year ending December 31, 2015, representing a 27% increase over 2014, with the total revenue for the year reaching AED 1.66 billion, a 12% increase year on year (YoY).

Sharing this information at a press conference held on February 23 at Jumeirah Beach Hotel in Dubai, Empower revealed that it had signed several contracts in 2015, one of which was to build Business Bay District Cooling Plant 3 (BB – 3) project. The plant, said Empower, will be operational in the second quarter of 2016.

The District Cooling services provider also informed that it had won a strategic contract with Bluewaters, the subsidiary of the developer Meraas Holding, to provide the Bluewaters flagship project in Dubai with 25,000 refrigeration tonnes (RT) of District Cooling services. In addition, Empower was reportedly awarded a contract to build chilled water pipes network across Madinat Jumeirah Phase 4, to facilitate it with District Cooling systems.

“Empower achieved an annual increase of 6.7% in its cooling capacity, to pass it over 1,115,000 Refrigeration Tonnes (RT) in 2015. Moreover, the company boosted its production and commissioned new plants,” said H.E. Ahmad Bin Shafar, CEO of Empower.

Saying that the company increased its workforce by 13% in 2015, Bin Shafar added: “The District Cooling industry achieved significant growth in 2015, not only in the UAE but also internationally. Many countries are now more determined to adopt District Cooling, thus reducing their dependence on conventional cooling systems. It is a matter of pride for the UAE to be at the forefront of countries that deployed District Cooling technologies since a long time.”

Empower purportedly follows a business model that works on the strategy of investing in plants and network infrastructure, driven by actual demand in specific projects. This, the company claimed, had resulted in its sustainable growth, while avoiding unproductive investments.

“Empower has wrapped up 2015 with a series of achievements that have established its position as the world’s largest District Cooling services provider,” said Bin Shafar. “These achievements included expansion of business operations, enhancement of its global contribution to the District Cooling sector, conclusion of a series of new deals and agreements, increase in community support, better employee satisfaction and happiness, and a qualitative shift in the reduction of environmental impact.”

Bin Shafar continued: “In line with the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on the importance of preserving our natural resources and strengthen Dubai’s position as a global hub in green economy and renewable energy on the basis of Green Economy for Sustainable Development, Empower has made significant efforts to promote District Cooling as an alternative to conventional cooling systems that deplete natural resources of oil and water, and has harmful environmental and economic impacts.”

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