Empower posts 8.3% increase in 2019 net profit

Dubai: Emirates Central Cooling Systems Corporation (Empower) on Monday reported an 8.3 per cent rise in annual net profit as the firm added more district cooling plants and customers in 2019.

The district cooling services provider posted a net profit of Dh871 million in 2019, with revenue rising 7.9 per cent to Dh2.19 billion.

The number of buildings that Empower provides with its district cooling services exceeded 1,180 and the customer base has reached to more than 120,000, the company said in a statement.

“The year 2019 has been a milestone year for Empower, given the remarkable net profit increase, in addition to the significant expansion in number of district cooling plants, district cooling pipeline network, customer base and the number of buildings connected with our district cooling services,” said Chief Executive Officer Ahmad Bin Shafar.

“We will continue our endeavours in 2020 to increase the number of district cooling plants and expand our district cooling network across Dubai,” Bin Shafar added. “We have a crystal-clear future vision and strategic plans to meet the growing demand in 2020.”

In 2019, Empower launched what the firm calls the world’s first unmanned cooling plant at Jumeirah Village Circle, Dubai and announced that the Barsha Heights permanent cooling plant is now fully operational.

During the year, it also awarded a Dh197 million contract to begin construction of its new district cooling plant in Dubai Production City and signed a contract to design two new district cooling plants in Business Bay.