Latest news with #EmiratesCentralCooling
Khaleej Times
6 days ago
- Business
- Khaleej Times
Empower reports 7.5% increase in revenue and 3.4% increase in net profit in H1
Emirates Central Cooling Systems Corporation PJSC, the world's largest district cooling services provider, on Tuesday announced that its revenue for the first half of 2025 reached Dh1.453 billion, marking a 7.5 per cent increase compared to the same period in 2024. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) 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 year. The net profit after tax reached Dh403 million marking a 3.4 per cent increase compared to the same period in 2024. Empower reported consolidated revenues of Dh3.36 billion for the twelve-month period 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 per cent. Ebitda for the same period reached Dh1.58 billion, compared to Dh1.50 billion previously, reflecting a growth of 5.1 per cent. Empower's Annual General Meeting, which was held in March with a quorum of 89.9 per cent, 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 per cent of the company's paid-up capital, which was paid in April, 2025 '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. 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 Ahmad Bin Shafar, CEO of Empower. 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 tonnes (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. 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.
Zawya
09-07-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets close higher shrugging off Trump's tariff news
Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by latest tariff threats from U.S. President Donald Trump. Trump ramped up his trade offensive on Tuesday, announcing a 50% tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals. He also reiterated plans to slap 10% tariffs on imports from Brazil, India, and other BRICS countries. The United Arab Emirates is a member of BRICS, while Saudi Arabia has held off formally joining the bloc, according to Reuters sources. In the UAE, Dubai's main index gained 0.7%, hitting a fresh 17-year high, lifted by a 3.6% rise in Emirates Central Cooling Systems Corp. Emirates has signed a preliminary agreement with to accept payments through its platform. The UAE continues to grow as a regional hub for crypto firms, with several enabling crypto payments for real estate, tuition, and transport. Abu Dhabi index added 0.4% posting its sixth straight session of gains. Abu Dhabi National Insurance Co advanced 6.4% following regulatory approval to open a branch in India. Saudi Arabia's benchmark index eased 0.1%, dragged down by a 3.1% slide in utilities heavyweight ACWA Power and a 0.9% decrease in oil giant Saudi Aramco . Qatar's benchmark index closed flat. Outside the Gulf, Egypt's blue-chip index - which traded after a session's break - finished 0.4% higher, with Commercial International Bank rising 0.6% higher. Egypt's stock exchange suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms' ability to communicate efficiently across the trading system, after a fire broke out on Monday in a telecoms data centre in Cairo. SAUDI ARABIA eased 0.1% to 11,278 Abu Dhabi rose 0.4% to 10,049 Dubai gained 0.7% to 5,834 QATAR finished flat at 10,834 EGYPT added 0.4% to 33,152 BAHRAIN was up 0.1% to 1,964 OMAN climbed 0.9% to 4,597 KUWAIT increased 0.6% to 9,269 (Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru; Editing by Shreya Biswas)
Zawya
12-05-2025
- Business
- Zawya
Empower reports $147mln in Q1 2025 revenue
DUBAI: Emirates Central Cooling Systems Corporation PJSC – Empower, the world's largest district cooling services provider, announced its financial results for the first quarter of 2025. The company reported a total revenue of AED540 million, representing a 0.4 percent increase compared to the same period in 2024, and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of AED297 million. Empower also reported a pre-tax net profit of AED159 million and the Net Profit after tax amounted to AED145 million for the quarter ended 31 March 2025. Ahmad Bin Shafar, CEO of Empower, commented: "The sustainable growth during the first quarter of this year is a direct result of our strategic expansion in key projects, combined with Empower's expertise in maximising the value of its growing footprint in the district cooling market. We have successfully added an increasing number of real estate projects across various sectors into our extensive portfolio, driving high demand for our services, which have become the preferred choice for both building owners and end-users.' 'Empower remains firmly committed to expanding its asset base, including plants and distribution networks, to meet the rising demand and further strengthen its market share, ensuring sustainable, long-term returns," he added. Bin Shafar emphasised that Empower's financial results are a cornerstone of its continued global leadership in the district cooling market. He noted that these results reaffirm the company's outstanding ability to meet increasing demand with service standards that exceed international benchmarks, supported by high operational readiness and the robust capacity of its extensive asset base. Bin Shafar affirmed that Empower's efforts to capitalise on real estate momentum and broader economic growth, alongside continued investment in expanding its asset portfolio and infrastructure, are key drivers in delivering enhanced value, rewarding returns, and sustainable growth for shareholders. According to the company's financial statements, Empower reported consolidated revenues of AED3.26 billion for the twelve-month period from April 2024 to March 2025, compared to AED3.08 billion between April 2023 to March 2024, reflecting an impressive growth of 6 percent. Additionally, company's EBITDA for the last twelve months reached AED1.53 billion, compared to AED1.49 billion for the period April 2023 to March 2024, marking a growth of 3.3 percent. In March 2025, Empower's Annual General Meeting, with a quorum of 89.9 percent, approved the Board of Directors' recommendation to distribute cash dividends for the second half of 2024. The total approved dividend amounted to AED437.5 million, equivalent to 4.375 fils per share, representing 43.75 percent of the company's paid-up capital. The first quarter of 2025 saw significant expansion in Empower's operations, with the company signing 46 new contracts to supply over 43,000 refrigeration tons (RT) to various projects and buildings across Dubai. This has resulted in the company's total contracted capacity reaching more than 1.81 million RT. Additionally, Empower's connected capacity exceeded 1.58 million RT, following the addition of more than 15,000 RT during the first quarter of the year. This surge reflects growing demand among real estate developers and property owners in the emirate for environmentally friendly district cooling solutions. During this period, Empower strengthened its presence across Dubai by signing multiple agreements to supply major projects with its environmentally friendly district cooling services. Key agreements included a strategic partnership with Wasl Group to provide district cooling for The Island Resort project, with a cooling capacity of 23,853 RT, the service delivery of which is expected to commence in Q1 2028. In a separate development, Empower signed an agreement with the Dubai Multi Commodities Centre (DMCC), the region's leading business hub, to supply district cooling for the next phase of the Uptown Dubai development, with a capacity of 24,675 RT. Additionally, Empower finalised an agreement to deliver sustainable cooling services to the Palm Gateway project on Palm Jumeirah, with a cooling capacity of 9,470 RT. The service operation for the project is scheduled to commence in Q2 2026. Empower reported robust growth during the first quarter of 2025, adding 19 new buildings to its portfolio. Moreover, the number of verified online registrations by new customers from both the public and private sectors rose by 22 percent compared to the same period last year. Additionally, Empower, in collaboration with strategic partners, including banks and financial institutions, processed 224,886 bill payment transactions through online platforms, reflecting a 7 percent increase compared to the same period last year. As part of its ongoing efforts to streamline operations, Empower also approved 11,116 No-Objection Certificate (NOC) service requests during the first quarter of 2025, representing a YoY increase of 8 percent. Empower participated in the IDEA Campus Energy 2025 Conference, held in Boston, USA, from February 3 to 6. Organised by the International District Energy Association (IDEA), the event gathered over 1,000 participants from around the world. On the sidelines of the conference, Ahmad Bin Shafar met with Rob Thornton, President and CEO of IDEA, to discuss preparations for Dubai's hosting of the District Cooling Conference 2025, the fourth time the emirate will host this prestigious event. In Q1 2025, 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 's significant contributions to advancing sustainability and reinforcing Dubai's status as a global hub for innovation and excellence.
