Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, has announced the distribution of AED 400 million in cash dividends among the company's shareholders for the fiscal year ending December 31, 2020.

This 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 AED 2.26 billion in 2020 with an increase of 3% compared to 2019. Since 2004, the total dividends distributed among shareholders reached AED 2.650 billion.

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

Acquisitions

Ahmad bin Shafar, CEO of 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, with details of such deals to 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”.

Commitment

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.

Contracts

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 is in addition to building thermal energy exchange rooms, water tanks etc.

Leadership

Empower’s determination to proceed with its current position as a leader in providing high quality and energy efficient district cooling services according to the highest international standards and best global practices tops the company’s priorities. The company works diligently in accordance with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to achieve sustainable development at all levels. This includes the UAE Vision 2021, UAE Centennial 2071, Dubai Plan 2021, and Dubai Clean Energy Strategy 2050. The aim is to render Dubai the city with the lowest carbon footprint in the world by 2050.

Source: Cicero and Bernay