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Empower posts $67.5mn net profit for 2013

Profit marks 31% growth from the previous year

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Ahmad Bin Shafar, CEO, Empower
Ahmad Bin Shafar, CEO, Empower

Empower has announced a net profit of $67.5mn (AED248mn) for 2013, representing a 31% growth on 2012.

The company’s total revenues reached $231.4mn (AED850mn), which is a 21% increase from the previous year.

Ahmad Bin Shafar, CEO of Empower, said: “2013 was a remarkable year for Empower as it acquired Palm Utilities (PU) and Palm District Cooling (PDC). Together with PDC, another leading district cooling service provider, operating in the developments of Nakheel and DMCCA, Empower’s market share has increased to more than 70% in the UAE.

“As per Dubai’s State of Energy Report 2014, district cooling services have been identified as one of the key measures in which the Emirate can optimize the use of energy resources.”

Bin Shafar added that the company has declared dividends for the first time to be paid to its shareholders.

During 2013, Empower secured a loan of $600mn (AED2.2bn), which was used to acquire Palm Utilities and Palm District Cooling as well as capital expenditure required for the expansion of its plants and networks.

Empower also settled loans amounting to $52.5mn (AED193mn) out of which $29mn (AED 110mn) was repaid ahead of schedule.

 

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