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Empower pays dividend of AED 400 million in cash

Company records total net profit of AED 901 million

| | Feb 23, 2021 | 6:05 pm
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DUBAI, UAE, 23 February 2021: Emirates Central Cooling Systems Corporation (Empower) has announced the distribution of AED 400 million in cash dividends among the company’s shareholders for the fiscal year ending December 31, 2020. Making the announcement through a Press release, the district cooling utility said that this, indeed, represents 45% of the total net profit of AED 901 million recorded by the company for the fiscal year. Total revenues of the company amounted to AED2.26 billion in 2020, with an increase of three per cent, compared to 2019, Empower said. Since 2004, the total dividend distributed among shareholders has reached AED 2.650 billion, Empower added.

Results, in general, and profits and dividends, in particular, do reflect how strong and outstanding its performance is, Empower pointed out. They also underscore the matchless ability of the company to be the leader in the district cooling industry, locally as well as globally, it added. All this casts much light on the success Empower has achieved with its proactive strategy that focuses on investing in infrastructure, technology and people; and on the company’s determination to go on with its goals of building and developing assets that guarantee sustainable revenue and high flexibility, and of meeting the increasing demand for its services, it further added.

Ahmad bin Shafar, CEO, Empower, said: “2020 was exceptional by all means. Empower has completed its negotiations with international partners to expand soon in Saudi Arabia, Bahrain and Egypt. Details of such deals will be announced soon. This is in addition to the huge surge in profit the corporation has witnessed compared to last year. Further, more plants were added, the district cooling services network is extended, and the number of buildings and customers has grown.”

Bin Shafar underscored the company’s commitment to achieve added value for the Dubai economy, its shareholders and its 140,000 clients, including real estate developers, owners and end users, distributed over 1,252 buildings. The 2020 results and profits are to be added to Empower’s 17-year record of success, heralding more well-informed growth in the future, he said.

Bin Shafar pointed out that the expected results of Empower for the year 2021 are more promising than what has been seen in the previous years, especially after the conclusion of contracts worth AED 1.39 billion, covering various works such as engineering consultancy, designing, construction and operation of district cooling plants, expansion of the existing pipeline network, and construction of new networks to serve the latest projects in Dubai. This, he said, is in addition to building thermal energy exchange rooms and water tanks.


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