Empower achieves annual revenue of AED 2.464 billion, with a growth of 9.3%

Business

Empower achieves annual revenue of AED 2.464 billion, with a growth of 9.3%

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, announced a record total revenue of AED 2.464 billion for the fiscal year 2021, with a remarkable growth of 9.3% compared to 2020. The company also announced a net profit of AED 936 million, resulting in an increase of 4% compared to the last year.

On this occasion, Ahmad bin Shafar, CEO of Empower, said: "The year 2021 was an important milestone in the history of Empower at all levels. The achievements during the past year are unprecedented in quantity and quality, and due to various factors, most notably the strategic business model, which is based on increasing investment in infrastructure, and being proactive in adopting and developing modern technologies. These factors collectively paved the way for the success of our expansion in the district cooling market of Dubai, driven by the significant growth in the distribution networks and the largest diversified projects in the Emirate, which significantly increased the quantity and quality of the projects portfolio and the beneficiaries of Empower.

Bin Shafar highlighted the global superiority of Empower in providing high-quality and environmentally-friendly district cooling services with international standards, noting that the company has succeeded in concluding 3 historical acquisitions, the biggest of their kind in the world, within a span of three months last year, which is a strong indicator that Empower will take its performance to unprecedented levels and will record historical financial results in the coming years.

Bin Shafar pointed out that 1,413 buildings are served by Empower with its district cooling services by the end of 2021, including the iconic marvels, the Marsa Al Arab, One Zaabeel, The Residences Dorchester Collection, Uptown and Al Wasl 1 and many other huge developments were connected last year, resulting in an increase of 17% in district cooling consumption compared to 2020.

The CEO also indicated that the company has worked hard during 2021 to provide district cooling services to various regions of Dubai by expanding its network to more than 369.014 kilometers by the end the year, with an increase of 5.5% compared to 2020, which allowed the company to rise its share to 79.5% of the Dubai's district cooling market. In 2022 Empower will focus on significantly expanding the number of district cooling plants, and extending service transmission networks to cover all regions in Dubai Emirate", he concluded