Latest news with #BinShafar
Mid East Info
3 days ago
- Business
- Mid East Info
7.5% increase in revenue and 3.4% increase in net profit during the first half of 2025 compared to the same period in 2024
EBITDA reached AED 719 million Pre-tax net profit amounted to AED 442 million, and net profit after tax reached AED 403 million Consolidated revenues of AED 3.36 billion for the twelve-month period until 30, June 2025 'Our sustained success is driven by the forward-looking strategy, operational excellence and the continued momentum in Dubai's real estate sector' – Bin Shafar Dubai, UAE,August 2025: Emirates Central Cooling Systems Corporation PJSC, the world's largest district cooling services provider (DFM: EMPOWER), (ISIN: AEE01134E227), announced its financial results for the first half of 2025. The company reported a total revenue of AED 1,453 million, marking a 7.5% increase compared to the same period in 2024. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached AED 719 million, with a growth of 3.6% and the pre-tax net profit amounted to AED 442 million marking 3.3% growth compared to the first half of last year. The net profit after tax reached AED 403 million marking a 3.4% increase compared to the same period in 2024. 'Empower's exceptional performance in the first half of 2025 reflects the strength of our integrated business model and the ability to efficiently adapt to changing market dynamics and customer needs. Our sustained success is driven by the forward-looking strategy, operational excellence, and the ability to extract long-term value from the continued momentum in the real estate sector. Through our ongoing efforts and commitment to innovation and latest technologies, Empower continues to support the sustainable development of Dubai, contribute to achieving global climate goals and the UAE's Net Zero 2050 targets, while reinforcing the nation's global leadership in climate action and green infrastructure,' said HE Ahmad Bin Shafar, CEO of Empower. Bin Shafar noted Empower's continued growth and development on all fronts, including the expansion of its infrastructure and project portfolio, and its consistent integration of innovation and digital transformation across operations. He reaffirmed the company's prominent presence in global district cooling forums, reflecting Empower's international leadership and commitment to sharing expertise in sustainable cooling. He further emphasised Empower's long-term commitment to creating added and sustainable value for all stakeholders, and to strengthening its position as a global benchmark in environmentally friendly district cooling. Sustained Financial Performance Empower reported consolidated revenues of AED 3.36 billion for the twelve-month period from July 2024 to June 2025, compared to AED 3.16 billion in the period from July 2023 to June 2024; an increase of 6.3%. EBITDA for the same period reached AED 1.58 billion, compared to AED 1.50 billion previously, reflecting a growth of 5.1%. Empower Dividend Distributions Empower's Annual General Meeting, which was held in March with a quorum of 89.9%, approved the Board of Directors' recommendation to distribute cash dividends for the second half of 2024, amounting to AED 437.5 million in total, equivalent to 4.375 fils per share or 43.75% of the company's paid-up capital, which was paid in April, 2025 Business Growth in H1 2025 The first half of 2025 witnessed a significant growth in Empower's business. The company signed 86 new contracts to supply over 99,000 refrigeration tons (RT) to various projects across Dubai. This boosted Empower's total contracted capacity to 1.86 million RT, reflecting growing demand among developers and building owners for the environmentally friendly district cooling solutions. Empower signed two major agreements during the first half of 2025. The first one is with DMCC (Dubai Multi Commodities Centre), the leading international business district that drives the flow of global trade through Dubai, to supply district cooling services to the next phase of Uptown Dubai, for a capacity of 24,675 RT. The second one is for the Island project, by Wasl to supply environmentally friendly district cooling services for a total cooling capacity of 23,853 RT. Moreover, the company's total connected capacity exceeded 1.6 million RT following the addition of approximately 38,000 RT during the reporting period. Empower also reported a notable increase in its service footprint, with the total number of buildings it serves reaching 1,684 in the first half of 2025. Added value for customers and stakeholders: As part of its commitment to enhancing customer experience and addressing their service needs, Empower launched its Mobile Application in April 2025. The feature-packed mobile app, which is available to download on the Apple Store and Google Play Store, is a hassle-free solution for managing its customers' District Cooling Services accounts right at their fingertips. Empower's annual summer campaign, which was launched in June for the twelfth consecutive year under the slogan, 'Set and Save at 24°C', aiming to reduce electricity consumption for cooling, saw a significant acceptance among the company's nearly 148,000 customers. The campaign is being conducted as part of Empower's sustainability strategies and will run until the end of summer. Expansion: Aligning with Empower's strategy to strengthen the district cooling infrastructure and expand its services in strategically important areas of Dubai, the company announced a new district cooling plant in Al Sufouh 2 area during the reporting period. The foundation work has already started for the new plant, while construction is scheduled to begin in the fourth quarter of 2025. This plant will be the first in a series of three future plant rooms that Empower plans to build in the area. The new plant will have a cooling capacity of 23,400 RT (RT) to serve several buildings, including the 'Innovation Hub,' one of the prominent landmarks in Al Sufouh. Strong Presence in International Forums: As a strong advocate of efficient cooling solutions globally, Empower continued strengthening its global presence during the reporting period. The company participated as a diamond sponsor in the International District Energy Association (IDEA) Campus Energy Conference 2025 in Boston, USA, in February, and the IDEA 2025 Annual Conference and Trade Show, in Minneapolis, Minnesota, USA, in June. IDEA is the world's leading organization in the field of district energy. During the IDEA 2025 Annual Conference, IDEA announced the reappointment of Bin Shafar as Member Emeritus on the Board of Directors of the Association for the seventh consecutive term. Accolades: Empower won three global awards at the IDEA 2025 Annual Conference and Trade Show. The company won two gold awards in the categories 'Total Number of Buildings Committed' & 'Total Building Area Committed' for district cooling services outside North America. Additionally, Empower received the prestigious 'Innovation Award Honorable Mention for District Cooling Plant Optimisation Using Machine Learning'. Moreover, the U.S. Green Building Council has awarded the Gold LEED (Leadership in Energy and Environmental Design) Certification to Empower's DLRC District Cooling Plant. The plant, with a production capacity of 47,000 RT, serves the Dubai Land Residence Complex. Empower received this certification after the DLRC district plant successfully met the Council's rigorous sustainability standards. This achievement further reinforces Empower's leadership in environmental protection and carbon footprint reduction, adding yet another prestigious recognition to its growing list of accomplishments. During the period, His Excellency Ahmad Bin Shafar was named among the 'Dubai 100,' Arabian Business's prestigious list of the most influential individuals shaping Dubai's future across sectors, including business, government, technology, and culture. This recognition highlights bin Shafar's remarkable contributions to advancing the district cooling sector and reinforcing Dubai's status as a global hub for green economy.
Al Etihad
4 days ago
- Business
- Al Etihad
Empower reports Dh403 million net profit in H1 2025
5 Aug 2025 14:04 DUBAI (ALETIHAD)Emirates Central Cooling Systems Corporation (Empower) announced its financial results for the first half of 2025. The company reported a net profit after tax of Dh403 million, marking a 3.4 per cent increase compared to the same period in reported a total revenue of Dh1,453 million, marking a 7.5 per cent increase compared to the same period in (Earnings Before Interest, Taxes, Depreciation, and Amortisation) reached Dh719 million, with a growth of 3.6 per cent, and the pre-tax net profit amounted to Dh442 million, marking 3.3 per cent growth compared to the first half of last bin Shafar, CEO of Empower, said, 'Empower's exceptional performance in the first half of 2025 reflects the strength of our integrated business model and the ability to efficiently adapt to changing market dynamics and customer needs. Our sustained success is driven by the forward-looking strategy, operational excellence, and the ability to extract long-term value from the continued momentum in the real estate sector."He added: "Through our ongoing efforts and commitment to innovation and latest technologies, Empower continues to support the sustainable development of Dubai, contribute to achieving global climate goals and the UAE's Net Zero 2050 targets, while reinforcing the nation's global leadership in climate action and green infrastructure.'Bin Shafar noted Empower's continued growth and development on all fronts, including the expansion of its infrastructure and project portfolio, and its consistent integration of innovation and digital transformation across operations. He reaffirmed the company's prominent presence in global district cooling forums, reflecting Empower's international leadership and commitment to sharing expertise in sustainable cooling. He further emphasised Empower's long-term commitment to creating added and sustainable value for all stakeholders, and to strengthening its position as a global benchmark in environmentally friendly district cooling. Sustained Financial Performance Empower reported consolidated revenues of Dh3.36 billion for the twelve months from July 2024 to June 2025, compared to Dh3.16 billion in the period from July 2023 to June 2024; an increase of 6.3%. EBITDA for the same period reached Dh1.58 billion, compared to Dh1.50 billion previously, reflecting a growth of 5.1%.Empower's Annual General Meeting, which was held in March with a quorum of 89.9%, approved the Board of Directors' recommendation to distribute cash dividends for the second half of 2024, amounting to Dh437.5 million in total, equivalent to 4.375 fils per share or 43.75% of the company's paid-up capital, which was paid in April, 2025 Business Growth in H1 2025 The first half of 2025 witnessed a significant growth in Empower's business. The company signed 86 new contracts to supply over 99,000 refrigeration tons (RT) to various projects across Dubai. This boosted Empower's total contracted capacity to 1.86 million RT, reflecting growing demand among developers and building owners for the environmentally friendly district cooling signed two major agreements during the first half of 2025. The first one is with DMCC (Dubai Multi Commodities Centre), the leading international business district that drives the flow of global trade through Dubai, to supply district cooling services to the next phase of Uptown Dubai, for a capacity of 24,675 RT. The second one is for the Island project, by Wasl, to supply environmentally friendly district cooling services for a total cooling capacity of 23,853 the company's total connected capacity exceeded 1.6 million RT following the addition of approximately 38,000 RT during the reporting period. Empower also reported a notable increase in its service footprint, with the total number of buildings it serves reaching 1,684 in the first half of 2025. Customers and Stakeholders As part of its commitment to enhancing customer experience and addressing their service needs, Empower launched its Mobile Application in April 2025. The feature-packed mobile app, which is available to download on the Apple Store and Google Play Store, is a hassle-free solution for managing its customers' District Cooling Services accounts right at their fingertips.
Zawya
4 days ago
- Business
- Zawya
Empower reports impressive H1 2025 results
EBITDA reached AED 719 million Pre-tax net profit amounted to AED 442 million, and net profit after tax reached AED 403 million Consolidated revenues of AED 3.36 billion for the twelve-month period until 30, June 2025 'Our sustained success is driven by the forward-looking strategy, operational excellence and the continued momentum in Dubai's real estate sector' – Bin Shafar Dubai, UAE: Emirates Central Cooling Systems Corporation PJSC, the world's largest district cooling services provider (DFM: EMPOWER), (ISIN: AEE01134E227), announced its financial results for the first half of 2025. The company reported a total revenue of AED 1,453 million, marking a 7.5% increase compared to the same period in 2024. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached AED 719 million, with a growth of 3.6% and the pre-tax net profit amounted to AED 442 million marking 3.3% growth compared to the first half of last year. The net profit after tax reached AED 403 million marking a 3.4% increase compared to the same period in 2024. 'Empower's exceptional performance in the first half of 2025 reflects the strength of our integrated business model and the ability to efficiently adapt to changing market dynamics and customer needs. Our sustained success is driven by the forward-looking strategy, operational excellence, and the ability to extract long-term value from the continued momentum in the real estate sector. Through our ongoing efforts and commitment to innovation and latest technologies, Empower continues to support the sustainable development of Dubai, contribute to achieving global climate goals and the UAE's Net Zero 2050 targets, while reinforcing the nation's global leadership in climate action and green infrastructure,' said HE Ahmad Bin Shafar, CEO of Empower. Bin Shafar noted Empower's continued growth and development on all fronts, including the expansion of its infrastructure and project portfolio, and its consistent integration of innovation and digital transformation across operations. He reaffirmed the company's prominent presence in global district cooling forums, reflecting Empower's international leadership and commitment to sharing expertise in sustainable cooling. He further emphasised Empower's long-term commitment to creating added and sustainable value for all stakeholders, and to strengthening its position as a global benchmark in environmentally friendly district cooling. Sustained Financial Performance Empower reported consolidated revenues of AED 3.36 billion for the twelve-month period from July 2024 to June 2025, compared to AED 3.16 billion in the period from July 2023 to June 2024; an increase of 6.3%. EBITDA for the same period reached AED 1.58 billion, compared to AED 1.50 billion previously, reflecting a growth of 5.1%. Empower Dividend Distributions Empower's Annual General Meeting, which was held in March with a quorum of 89.9%, approved the Board of Directors' recommendation to distribute cash dividends for the second half of 2024, amounting to AED 437.5 million in total, equivalent to 4.375 fils per share or 43.75% of the company's paid-up capital, which was paid in April, 2025 Business Growth in H1 2025 The first half of 2025 witnessed a significant growth in Empower's business. The company signed 86 new contracts to supply over 99,000 refrigeration tons (RT) to various projects across Dubai. This boosted Empower's total contracted capacity to 1.86 million RT, reflecting growing demand among developers and building owners for the environmentally friendly district cooling solutions. Empower signed two major agreements during the first half of 2025. The first one is with DMCC (Dubai Multi Commodities Centre), the leading international business district that drives the flow of global trade through Dubai, to supply district cooling services to the next phase of Uptown Dubai, for a capacity of 24,675 RT. The second one is for the Island project, by Wasl to supply environmentally friendly district cooling services for a total cooling capacity of 23,853 RT. Moreover, the company's total connected capacity exceeded 1.6 million RT following the addition of approximately 38,000 RT during the reporting period. Empower also reported a notable increase in its service footprint, with the total number of buildings it serves reaching 1,684 in the first half of 2025. Added value for customers and stakeholders As part of its commitment to enhancing customer experience and addressing their service needs, Empower launched its Mobile Application in April 2025. The feature-packed mobile app, which is available to download on the Apple Store and Google Play Store, is a hassle-free solution for managing its customers' District Cooling Services accounts right at their fingertips. Apple Store: Google Play: Empower's annual summer campaign, which was launched in June for the twelfth consecutive year under the slogan, 'Set and Save at 24°C', aiming to reduce electricity consumption for cooling, saw a significant acceptance among the company's nearly 148,000 customers. The campaign is being conducted as part of Empower's sustainability strategies and will run until the end of summer. Expansion Aligning with Empower's strategy to strengthen the district cooling infrastructure and expand its services in strategically important areas of Dubai, the company announced a new district cooling plant in Al Sufouh 2 area during the reporting period. The foundation work has already started for the new plant, while construction is scheduled to begin in the fourth quarter of 2025. This plant will be the first in a series of three future plant rooms that Empower plans to build in the area. The new plant will have a cooling capacity of 23,400 RT (RT) to serve several buildings, including the "Innovation Hub," one of the prominent landmarks in Al Sufouh. Strong Presence in International Forums As a strong advocate of efficient cooling solutions globally, Empower continued strengthening its global presence during the reporting period. The company participated as a diamond sponsor in the International District Energy Association (IDEA) Campus Energy Conference 2025 in Boston, USA, in February, and the IDEA 2025 Annual Conference and Trade Show, in Minneapolis, Minnesota, USA, in June. IDEA is the world's leading organization in the field of district energy. During the IDEA 2025 Annual Conference, IDEA announced the reappointment of Bin Shafar as Member Emeritus on the Board of Directors of the Association for the seventh consecutive term. Accolades Empower won three global awards at the IDEA 2025 Annual Conference and Trade Show. The company won two gold awards in the categories 'Total Number of Buildings Committed' & 'Total Building Area Committed' for district cooling services outside North America. Additionally, Empower received the prestigious 'Innovation Award Honorable Mention for District Cooling Plant Optimisation Using Machine Learning'. Moreover, the U.S. Green Building Council has awarded the Gold LEED (Leadership in Energy and Environmental Design) Certification to Empower's DLRC District Cooling Plant. The plant, with a production capacity of 47,000 RT, serves the Dubai Land Residence Complex. Empower received this certification after the DLRC district plant successfully met the Council's rigorous sustainability standards. This achievement further reinforces Empower's leadership in environmental protection and carbon footprint reduction, adding yet another prestigious recognition to its growing list of accomplishments. During the period, His Excellency Ahmad Bin Shafar was named among the 'Dubai 100,' Arabian Business's prestigious list of the most influential individuals shaping Dubai's future across sectors, including business, government, technology, and culture. This recognition highlights bin Shafar's remarkable contributions to advancing the district cooling sector and reinforcing Dubai's status as a global hub for green economy. Audited Financials Empower's audited financials can be found at Empower's website or on DFM's website Contacts For investor relations, please contact: About Empower Emirates Central Cooling Systems Corporation PJSC, (Empower) was established in 2003 by Ruler's Decree, with the objective of providing world-class District Cooling Services to Dubai and the region. Empower's principal activities focus on the provision of district cooling services and the management, operation and maintenance of central cooling plants and related distribution networks, as well as the production and selling of pre-insulated pipes and fittings. From a modest beginning of its operations with a single temporary plant serving DIFC (the financial district of Dubai), Empower grew exponentially and became the largest District Cooling Services provider in the world by capacity within a span of a decade. Empower provides its services to a portfolio of world-class projects in Dubai such as Dubai International Airport, Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Palm Jumeirah, Jumeirah Lake Towers, Meydan, Deira Waterfront, Blue Waters, Jumeirah Group, Jumeirah Beach Residence, Discovery Gardens, Ibn Battuta Mall, Dubai Design District, Dubai Production City, Dubai Land Residence Complex and many more. For more information, please visit EMPOWER's website
Hi Dubai
12-05-2025
- Business
- Hi Dubai
Empower Reports AED540 Million in Q1 Revenue as Expansion Drives Steady Growth
Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling provider, posted AED540 million in revenue for Q1 2025, a slight increase of 0.4% compared to the same period last year. The company also reported AED145 million in net profit after tax and AED297 million in EBITDA, underlining its sustained performance amid ongoing expansion. CEO Ahmad Bin Shafar attributed the results to Empower's strategic growth and strong demand for eco-friendly cooling services across Dubai's real estate sector. 'Our continued expansion and high service standards have positioned us as the preferred provider for developers and property owners,' he said. The first quarter saw Empower sign 46 new contracts to deliver over 43,000 refrigeration tons (RT), pushing its total contracted capacity beyond 1.81 million RT. The company also added more than 15,000 RT in connected capacity, with 19 new buildings integrated into its network. Notable agreements included supplying The Island Resort with 23,853 RT starting Q1 2028, Uptown Dubai with 24,675 RT, and the Palm Gateway project with 9,470 RT from Q2 2026. Empower processed over 224,000 online bill payments in Q1, a 7% year-on-year increase, and saw a 22% rise in new customer registrations. The company also approved more than 11,000 NOC service requests, up 8% from last year. On the global stage, Empower participated in the IDEA Campus Energy 2025 Conference in Boston, where Bin Shafar met with IDEA leadership to discuss Dubai's upcoming hosting of the District Cooling Conference. For the 12-month period ending March 2025, Empower reported AED3.26 billion in revenue, up 6% year-on-year, and AED1.53 billion in EBITDA. The company also approved a second-half 2024 dividend of AED437.5 million. News Source: Emirates News Agency
Hi Dubai
30-04-2025
- Business
- Hi Dubai
Empower Drives Sustainable Tourism with District Cooling Solutions in Dubai
Empower is earning praise from Dubai's tourism leaders for playing a key role in advancing sustainability across the hospitality sector, as highlighted during Arabian Travel Market 2025. The company's energy-efficient district cooling systems are being recognized as a major contributor to reducing the industry's carbon footprint while supporting global best practices in environmental responsibility. Ahmad Bin Shafar, CEO of Empower and Chairman of the District Cooling Operators Association, affirmed that the company is aligning its efforts with national strategies like the UAE Tourism Strategy 2031 to promote sustainable growth in tourism. Empower is collaborating with industry stakeholders to help hotels transition to environmentally friendly operations through its cutting-edge, AI-powered cooling technology. As of the end of 2024, Empower provides district cooling to 22% of Dubai's 832 hotel and hotel apartment buildings. This includes landmark properties such as Atlantis The Royal, Burj Al Arab, JW Marriott Marquis Dubai, and One&Only One Za'abeel. The company's presence spans major hospitality zones like Business Bay and Dubai Healthcare City. Industry participants at the travel market stressed that sustainable infrastructure like district cooling is not only a climate solution but also a business advantage, offering long-term operational benefits. Bin Shafar echoed this, stating that sustainability is now a core priority for businesses aiming for resilience and growth. Reflecting this trend, Empower revealed that several upcoming hotel and tourism projects are expected to join its network in 2025. The firm continues to receive strong interest from developers looking to integrate its high-efficiency cooling systems into new developments. This growing momentum underscores the tourism sector's increasing commitment to sustainability, in line with the Arabian Travel Market's 2025 theme: 'Empowering Global Travel: Shaping the Future of Tourism through Connectivity.' News Source: Dubai Media Office
