Empower posts Dh641mn profits
Emirates Central Cooling Systems Corporation, or Empower, announced on Sunday a net profit of Dh641 million for 2016
Emirates Central Cooling Systems Corporation, or Empower, announced on Sunday a net profit of Dh641 million for 2016.
The world's largest district cooling services provider said its revenues for 2016 reached Dh1.84 billion, up 11 per cent.
Ahmad bin Shafar, chief executive of Empower, said the company expects a similar growth in 2017.
Addressing a Press conference, Shafar said Empower commenced its services to various iconic and prestigious developments in 2016 and is currently working towards delivering the first phase of the 30,000 RT (refrigeration tonne) Jumeirah Village South project, which will commence its services during the year 2017.
Empower also signed an agreement with Nakheel to serve its Jumeirah Village South development. This is a large-scale development that includes Jumeirah Village Triangle and Jumeirah Village Circle and will require a total capacity of 260,000 RT.
Empower has also commenced the operations of its third district cooling plant in Business Bay. With these three plants, Empower is serving more than 100 buildings in the development, including Al Habtoor City. "This plant in Business Bay has two large TES [thermal energy storage] tanks, which enables us to produce and store chilled water during off-peak hours," said Bin Shafar.
"Being energy-efficient, district cooling services market holds great potential, worldwide and in the Middle East specifically. We believe that DCS will significantly contribute in achieving the objectives of Dubai Energy Strategy 2050," said Bin Shafar.
He said the financial result of 2016 is a testament of Empower's continued efforts in effectively managing and executing projects.
"Over the years, Empower has established its position as the world's largest district cooling services provider. At the end of 2016, Empower had more than 65,000 clients and we strongly believe that we need to continuously strive towards improving our service standards to ensure our clients' happiness and strengthen the company's leading position in the market," he said.
Bin Shafar said Empower operates and maintains 69 district cooling plants in various developments of the Emirate of Dubai. In addition, the number of buildings using Empower's cooling services in 2016 increased to 920 in comparison to 810 in 2015.
"While Empower continued its journey of success, the company also ensured that it played a vital role in promoting awareness and undertaking initiatives that serve its objectives. These include raising awareness about the importance of saving energy, preserving natural resources and promoting the green economy," said Bin Shafar.
In 2017, Empower expects to continue adding new projects and customers. The strong and healthy economic environment of Dubai reinforces the growth of Empower on the coming years, he said.
Currently, Empower operates 1.250 million RT, providing environmentally friendly district cooling services to large-scale real estate developments such as Jumeirah Group, Business Bay, Jumeirah Beach Residence, Dubai International Financial Centre, Palm Jumeirah, Jumeirah Lake Towers, Ibn Battuta Mall, Discovery Gardens, Dubai Healthcare City, Dubai World trade Centre Residences, Dubai Design District, among others. Khaleej Times