Empower Reports Strong Performance and Growth in Q3 2024 Results

Photo : Dubai Government Media Office

Emirates Central Cooling Systems Corporation PJSC (EMPOWER), the largest district cooling services provider in the world, has announced its strong financial results for the third quarter of 2024. The company reported a total revenue of AED 2.451 billion and an EBITDA of AED 1.124 billion for the nine months ending September 30, 2024. This reflects a solid 8.0% growth in revenue and a 4.7% increase in EBITDA compared to the same period last year. The company’s profit before tax also showed a positive 5.0% growth, reaching AED 719 million.

This robust performance is primarily driven by a significant increase in demand for Empower's services across Dubai, bolstered by the flourishing real estate sector, which has seen a surge in new development projects and the delivery of existing ones. This uptick has contributed to an expanding customer base, pushing Empower to enhance its district cooling services, which are environmentally friendly and energy-efficient.

His Excellency Ahmad bin Shafar, the CEO of Empower, highlighted that the company’s consistent performance and growth are a reflection of its commitment to aligning its actions with the expectations of its stakeholders, including customers, shareholders, and partners. He further emphasized that Empower is adapting its operations to meet the rising demand driven by Dubai's economic expansion, the booming real estate market, and the increasing demand in the hospitality and entertainment sectors. Bin Shafar noted that the company's data and financial indicators point to continued strong performance in the upcoming months.

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For the past 12 months, Empower's consolidated revenues reached AED 3.217 billion, up 7.6% from AED 2.989 billion the previous year. During this period, EBITDA amounted to AED 1.512 billion, reflecting a 4.2% growth from the previous year’s AED 1.451 billion.

In addition to its impressive revenue growth, Empower demonstrated its commitment to rewarding its shareholders by distributing AED 425 million in dividends for the first half of 2024. The company has maintained a biannual dividend distribution schedule, with a total of AED 850 million paid out in the two fiscal years following its IPO on the Dubai Financial Market. Looking ahead, Empower plans to continue delivering sustainable dividends in line with its growth trajectory.

The third quarter of 2024 saw Empower achieve significant milestones, including the signing of 18 new contracts to provide over 21,640 Refrigeration Tons (RT) of cooling capacity to various projects across Dubai. With a total of 74 contracts signed in the first nine months of the year, Empower's total contracted capacity has surpassed 1.75 million RT, and its total connected capacity has grown to 1.55 million RT, following the addition of 19,615 RT in the third quarter.

Empower's ongoing investment in infrastructure includes the construction of a new district cooling plant in the Deira district, which will serve 46 buildings within the Deira Waterfront development. This is a key component of the Deira Enrichment Project, which seeks to enhance the district by creating 20 residential communities and offering a mix of commercial spaces, offices, and cultural preservation. In addition, Empower awarded a contract for its second district cooling plant in Jumeirah Village, set to begin construction in 2025. This facility will be designed to maximize energy efficiency and reduce water consumption, further solidifying Empower's commitment to sustainability.

One of the major highlights of the third quarter was Empower's achievement of a Guinness World Record for the highest-capacity district cooling project globally. The Business Bay District Cooling project, which boasts a total connected capacity of 241,272 Refrigeration Tons (RT), was awarded the world record at the WETEX 2024 exhibition. The Business Bay project, which is one of the largest district energy projects worldwide, includes nine district cooling plants, four of which are operational, serving 188 multi-use buildings and skyscrapers across the area. The project integrates advanced technologies such as Thermal Energy Storage (TES) and uses treated sewage effluent (TSE) for operations.

Empower's commitment to sustainability is also reflected in its annual 'Set and Save at 24°C' summer campaign, which concluded successfully in September. The campaign, aimed at optimizing cooling consumption and reducing energy costs, has been running for nine years and encourages customers to set their air conditioners to 24°C, the optimal temperature for energy-efficient cooling. This initiative not only helps reduce customer bills but also contributes to environmental conservation by lowering carbon emissions and reducing energy consumption.

In summary, Empower’s performance in 2024 continues to showcase its leadership in the district cooling industry. With a focus on expanding its services to meet growing demand, implementing advanced technologies, and committing to sustainability, the company is well-positioned for future success, both in terms of financial performance and its contribution to Dubai’s development goals.

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