The largest district cooling services provider in the world, Emirates Central Cooling Systems Corporation PJSC (Empower), released its financial results for the first half of 2024 today. Total revenues for the period were Dhs1.352 billion, up 10.3 percent YoY.
EBITDA (earnings before interest, tax, depreciation, and amortisation) for Empower’s first half of the year increased by 6.0 percent yearly to Dhs693 million. The company also made Dhs428 million in profit before taxes, a remarkable 6.3 percent YoY growth. In H1 2024, net profit after taxes came to Dhs390 million.
Ahmad Bin Shafar, CEO of Empower, stated, “Empower’s strong financial results for the first half of 2024 demonstrate continued success, contributing to Dubai’s economic expansion and delivering enhanced returns to shareholders.”
According to Bin Shafar, there are two main reasons why Empower’s sustainable financial revenues are driven by the growing demand for its services. First, building owners and developers are progressively implementing eco-friendly practices; they are looking for cooling systems that preserve the environment, cut emissions, maximise energy efficiency, and save expenses.
The increasing occupancy rates in real estate projects of all types, led by the residential segment, and the ongoing addition of new projects to the company’s portfolio are the second factor driving the growing demand for Empower’s district cooling services.
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