Empower sees 65% hike in 2014 profit
Bin Shafar-led district cooling firm books $109mn net earnings thanks to Palm acquisition.
Emirates Central Cooling Systems Corporation (Empower) has announced a huge leap in full year profit thanks to higher revenue from the takeover of Palm District Cooling (PDC) at the end of 2013.
The world’s largest district cooling service provider booked net income of AED 400mn for the 12 months to 31 December, up 65% on the previous year.
Total revenues for the year soared by 76% to AED 1.5bn, taking into account the first full year of operations following the $500mn acquisition of PDC in the final quarter of 2013.
“Following the acquisition of Palm District Cooling last year, we have grown into a company that holds the largest district cooling portfolio in the world,” said Ahmad Bin Shafar, CEO of Empower.
“This has resulted in the growth of our projects, capacity, assets and customers. Our company is providing services to many prestigious projects and in the last 12 months, we have added more unique and world-class projects to our portfolio.”
He added: “The vision of our leaders, under His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has contributed to our success year after year over the last decade. It is their support that has primed this country to not only build businesses, but also build sustainable businesses.”
Empower landed a number of notable deals last year, including a contract with Tecom Investments to provide 120,000 refrigeration tonnes (RT) of cooling for the Dubai Design District (D3) development.
The company also clinched a significant deal with Jumeirah Group to retrofit some of Dubai’s other iconic developments with cooling.
Emirates Towers, Burj-Al Arab, Jumeirah Beach Hotel and the Madinat Jumeirah to district cooling will all be connected to Empower’s network which had a capacity of 1,045,000 RT at the end of 2014.
Empower re-paid loans amounting to AED 350mn during the year and declared a dividend payment to shareholders for the second year in succession.
”The dividend payment this year amounts to AED 250 million,” said Bin Shafar. “Our development strategy, coupled with government support for sustainable sectors like district cooling, will enable Empower to continue growing in the future.”