Empower Approves AED 437.5 Million Dividend at Annual General Meeting

Business

Empower Approves AED 437.5 Million Dividend at Annual General Meeting

Emirates Central Cooling Systems Corporation PJSC (Empower) has announced the approval of a cash dividend distribution of AED 437.5 million for the second half of 2024. The decision was made at the company’s Annual General Meeting (AGM), which was attended by 89.9% of its paid-up share capital.

The meeting, held at the Habtoor Palace Hotel in Dubai on March 19, 2025, was chaired by His Excellency Saeed Mohammed Al Tayer, Chairman of the Board of Directors, and attended by His Excellency Ahmad Bin Shafar, CEO, along with members of the Board. The AGM reviewed Empower’s financial performance, approved the auditor’s report for 2024, and endorsed key agenda items.

Record Financial Performance

Empower, listed on the Dubai Financial Market (DFM) since 2022 under the ticker (Empower), reported record-breaking financial results for 2024, with:

Revenue of AED 3.26 billion, the highest since its listing.
Net profit of AED 908 million.

The approved dividend aligns with Empower’s dividend distribution policy, ensuring strong returns for shareholders.

Dividend Distribution Plan

In 2024, Empower distributed AED 850 million in dividends in two equal installments of AED 425 million each in April and October. The company has now approved an annual dividend payout of AED 875 million for 2025 and 2026, to be disbursed in two installments each year.

Saeed Mohammed Al Tayer highlighted Empower’s contributions to Dubai’s economic development, emphasizing its role in the district cooling industry. He stated:

“Empower’s strategic expansions accelerate Dubai’s goals in this vital sector while delivering sustainable financial returns to shareholders.”

Al Tayer also praised Empower’s advanced district cooling infrastructure, which supports its growth and sustainability efforts.

Empower’s Growth and Market Expansion

Empower’s CEO, Ahmad Bin Shafar, emphasized the positive market outlook, attributing growth to the strong demand for district cooling services amid Dubai’s real estate boom. He noted that the company’s strategic partnerships with leading master developers in Dubai enable it to secure long-term revenue streams.

“Dubai’s leadership and economic strategies continue to fuel Empower’s success, offering vast opportunities for profitable investment and expansion,” said Bin Shafar.

Bin Shafar reaffirmed Empower’s commitment to expanding market share in the UAE, driven by innovation, sustainability, and operational efficiency.

Commitment to Sustainability and Innovation

Empower remains committed to sustainable district cooling solutions, aligning with Dubai’s energy efficiency strategies. The company integrates environmentally friendly technologies into its operations, ensuring long-term success while reducing environmental impact.

Al Tayer concluded by expressing gratitude to Empower’s shareholders for their trust and support, emphasizing the company’s dedication to delivering outstanding financial performance.

Looking Ahead

With continued expansion, strong financials, and a commitment to sustainability, Empower is well-positioned for further growth in 2025 and beyond. The company remains a key player in Dubai’s district cooling industry, contributing to the emirate’s economic and environmental sustainability goals.