Empower pays dividends of $108million to shareholders for the year 2019

District cooling provider recorded a net profit of $237million last year - with growth of 8.3% year-over-year (YoY) - 46% of this being paid as dividends.

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Ahmad Bin Shafar, CEO of Empower.
Ahmad Bin Shafar, CEO of Empower.

Empower has announced payments of $108million in dividends to its shareholders for the fiscal year ending 31 December 2019.

The district cooling provider recorded a net profit of $237million last year - with growth of 8.3% year-over-year (YoY) - 46% of this being paid as dividends. 

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The company also reported a total revenue of about $596m 2019, with an increase of 7.9% YoY. 

The revenues in general and profit in particular, reflect the strength of the Company and its leadership in the district cooling sector locally and globally. It also demonstrates the success of its proactive strategy in investing in infrastructure and continuing development that ensure sustainable revenue and high flexibility in keeping pace with the growing demand.

"We are committed to achieving added value for the Dubai economy, the Company’s shareholders and our 120,000 customers spread over 1180 buildings, including master developers, building owners and end users," Ahmad Bin Shafar, CEO of Empower.

"The 2019 revenues and profits constitute a new chapter in the track record that has continued for 16 years and herald more thoughtful growth."

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Bin Shafar pointed out that Empower's expected performance for 2020 is more promising than previous years.

The company has awarded various contracts totaling more than 1.1 billion dirhams during 2019, including contracts for the construction, engineering consultancy, design and operations of district cooling plants in Dubai.

Empower’s new projects also include expansion of district cooling pipeline network to serve to the latest projects in Dubai, in addition to building thermal energy storage tanks.

"Empower aims to maintain its pioneering role as a leader provider of high quality and efficient district cooling services in line with the highest international standards and best practices," he added. 

"This achievement is the fruit of the tireless effort inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to achieve sustainable development at all levels, including the UAE Vision 2021, the UAE Centennial 2071, Dubai Plan 2021, and the Dubai Clean Energy Strategy 2050 that aims to make Dubai as the lowest carbon footprint in the world by 2050."

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