Empower AGM approves AED 437.5 million dividend distribution

Photo : Dubai Government Media Office

The Emirates Central Cooling Systems Corporation PJSC (Empower) recently held its Annual General Meeting (AGM) with 89.9% of the company’s paid-up share capital represented. During the meeting, the shareholders approved the Board of Directors’ proposal to distribute cash dividends of AED 437.5 million (equivalent to 4.375 fils per share, representing 43.75% of the company’s paid-up capital) for the second half of 2024.

Key Figures Present at the AGM
The AGM took place on Wednesday, March 19, 2025, at the Habtoor Palace Hotel in Dubai. It was chaired by His Excellency Saeed Mohammed Al Tayer, Chairman of Empower’s Board of Directors. The meeting was also attended by:

His Excellency Ahmad Bin Shafar, CEO of Empower
Members of the Board of Directors
During the meeting, shareholders reviewed Empower’s financial performance and approved the company’s financial statements and the auditor’s report for the year ending December 31, 2024. They also approved several other agenda items.

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Empower’s Financial Performance in 2024
Empower, which has been listed on the Dubai Financial Market (DFM) since 2022 under the ticker symbol Empower (ISIN: AEE01134E227), announced record-breaking financial results for 2024.

Revenue: AED 3.26 billion, the highest since its public listing.
Net profit: AED 908 million.
The approved dividend of AED 437.5 million will be distributed according to the company’s dividend policy.

Consistent Dividend Payouts
In 2024, Empower distributed AED 850 million in cash dividends in two equal installments of AED 425 million each. These were disbursed in April and October as part of its commitment to pay AED 850 million annually during the first two fiscal years after its IPO.

With this commitment completed, shareholders approved a new dividend policy for 2025 and 2026, ensuring payouts of AED 875 million annually. These dividends will also be paid in two installments – one in April and the other in October each year.

Chairman’s Vision for Growth
During the AGM, H.E. Saeed Mohammed Al Tayer highlighted the company’s commitment to delivering sustainable financial returns.
He said:
“Following the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, we remain focused on achieving global leadership in district cooling. Our expansion plans are aligned with Dubai’s goals for this vital sector, while delivering strong financial returns to our shareholders.”

Al Tayer also highlighted Empower’s strategic infrastructure, which includes state-of-the-art district cooling plants and a large distribution network. These assets have supported the company’s growth and helped improve the quality of its services. He emphasised that Empower’s well-planned expansions and focus on research and innovation have enhanced its operational efficiency, boosting its overall success.

Financial Stability and Strong Returns
Al Tayer pointed out that Empower achieved a revenue of AED 3.26 billion and a net profit of AED 908 million by the end of 2024.

He further explained that the company’s statutory reserve has reached 50% of its paid-up capital, as required in previous years. Therefore, no further transfers to the reserve were made in 2024.

He added that in September 2024, the Board approved an interim dividend of AED 425 million (4.25 fils per share), which was fully paid in October 2024. With the newly approved AED 437.5 million dividend, the total payout for 2024 will be AED 862.5 million (8.625 fils per share), subject to shareholder approval at the AGM.

Commitment to Sustainability and Innovation
Al Tayer reaffirmed Empower’s dedication to leading in environmentally friendly district cooling solutions, helping reduce environmental impact while integrating with Dubai’s urban landscape.

He emphasised that Empower’s operations align with Dubai’s energy efficiency strategies, contributing to the city’s sustainability goals. Al Tayer praised the shareholders for their trust and support, and thanked the company’s leadership and staff for their hard work and dedication.

CEO Highlights Market Growth
H.E. Ahmad Bin Shafar, CEO of Empower, expressed confidence in the company’s future growth, highlighting the booming real estate sector in Dubai as a major factor driving demand for district cooling.

He stated:
“Dubai’s strong economic growth, strategic development plans, and thriving real estate sector are boosting demand for our services. Our partnerships with major property developers in Dubai have allowed us to secure long-term concession agreements, ensuring stable and predictable revenue streams.”

Bin Shafar also noted that Empower’s strong market position and continuous expansion have helped it achieve record-breaking performance. He expressed confidence in the company’s ability to achieve even stronger results in the coming years, with a clear focus on expanding its market share across the UAE.

A Promising Future
Bin Shafar concluded by praising the positive engagement of shareholders, which he said has played a key role in the company’s success. He reaffirmed Empower’s commitment to executing its growth strategy and delivering consistent financial performance and long-term success.