Dubai’s pioneering district cooling provider, Empower, has announced a remarkable growth in revenue, EBITDA, and net profit for the first half of 2023. The company’s strategic sustainable model and expanding customer demand have been instrumental in achieving a 6.1% revenue increase, totaling Dh1.22 billion. Empower’s exceptional financial performance is a testament to its unwavering commitment to operational excellence and sustainable development.
During the first six months of 2023, Empower witnessed significant progress in multiple key financial indicators. EBITDA, a crucial measure of operational performance, surged to Dh654 million, marking a growth rate of 7.4%. The pro forma net profit mirrored this upward trajectory, climbing by 7.4% to Dh464 million after adjusting for pre-IPO leverage to ensure accurate quarterly performance comparisons. The company’s solid financial foundation is further highlighted by its absolute net profit, which stands at Dh403 million.
Empower attributes this impressive growth to its well-established and sustainable business model, which is supported by surging demand from a diverse customer base. The real estate sector emerged as a driving force behind this demand surge. The high occupancy rates in existing real estate projects, coupled with a significant increase in large-scale real estate ventures, contributed substantially to Empower’s expanding portfolio.
Ahmad bin Shafar, CEO of Empower, commented, “The results of the first half of 2023 are a realistic translation of the promises made by Empower to investors and shareholders. We aim to maintain upward, thriving, and sustainable operational and financial performance to bring significant benefits to our stakeholders and contribute to Dubai’s economy, its residents, and various economic sectors.”
In addition to its robust financial performance, Empower reported a record-breaking surge in the consumption of its district cooling services, measured in Refrigeration Ton hours (RTh). The consumption increased by an impressive 7.2% during the first half of 2023 compared to the same period the previous year. This growth can be primarily attributed to the flourishing economic activities and the dynamic real estate sector in Dubai.
Empower’s first half of 2023 was marked by notable achievements and expansion efforts. The company secured the rights to operate the district cooling systems of Dubai International Airport, encompassing a total capacity of 110,000 RT and valued at Dh1.1 billion. Additionally, Empower entered into several exclusivity agreements, including concessions agreements with major real estate development projects, further solidifying its position in the market.
The company also embarked on strategic infrastructure enhancements. Empower successfully initiated the operations of its new district cooling plant in Dubailand, boasting an impressive capacity of 47,000 RT. Furthermore, the upgrade of its Jumeirah Beach Residence (JBR) district cooling plant was kick-started, incorporating modern and innovative technologies to elevate its operational efficiency and sustainability.
Empower’s consistent growth and strategic initiatives underscore its pivotal role in shaping Dubai’s sustainable infrastructure and economic landscape. As the company continues to elevate its operational and financial performance, it remains a cornerstone of Dubai’s drive towards a greener and more resilient future.