Empower Reports AED 1,352 Million in Revenues for H1 2024, Marking 10.3% Growth Over H1 2023

Real Estate

Empower Reports AED 1,352 Million in Revenues for H1 2024, Marking 10.3% Growth Over H1 2023

Emirates Central Cooling Systems Corporation PJSC (EMPOWER), the world's largest district cooling services provider, announced its financial results for the first half of 2024, reporting total revenues of AED 1,352 million and EBITDA of AED 693 million. This marks a growth of 10.3% and 6.0% respectively compared to the same period last year.

HE Ahmad Bin Shafar, CEO of Empower, stated, "Empower’s robust financial results for the first half of 2024 demonstrate continued success, contributing to Dubai’s economic expansion and delivering enhanced returns to shareholders."

Empower's revenue growth is attributed to the rising demand for environmentally friendly cooling solutions and the increasing occupancy rates in Dubai’s real estate projects. The company’s portfolio has expanded significantly with new contracts and projects, including major developments in Jumeirah Village, Sheikh Zayed Road, Meydan, and Jumeirah Lakes Towers.

Empower’s consolidated revenues for the last twelve months (July 2023 to June 2024) recorded AED 3.16 billion, reflecting a 10.4% growth compared to the previous year. The company's EBITDA for this period reached AED 1.50 billion, a growth of 5.5%.

The first half of 2024 saw Empower signing 56 new contracts, adding over 58,300 refrigeration tons (RT) to reach a total contracted capacity of more than 1.72 million RT. Notable projects include Al Habtoor Tower, set to receive 7,200 RT from Empower by 2025.

Empower's total connected capacity increased to more than 1.53 million RT, with an addition of over 20,000 RT in the first half of the year. The company also reported a 20% increase in the volume of district cooling services consumed during this period.

Empower has focused on digital transformation, processing 19,675 applications for NOC services in the first half of 2024, a 21% increase compared to the same period last year. The company also saw a rise in electronic registrations and bill payments through smart digital channels.

Empower’s achievements in the first half of 2024 include partnerships with ASHRAE for developing advanced district cooling systems, participation in international conferences, and the renewal of ISO certifications for quality, environment, and occupational health and safety. The company also received the LEED Gold Certification for its Business Bay 5 district cooling plant and won multiple international awards at the IDEA 2024 Conference.

Empower continues to lead in sustainable practices, launching campaigns like “Set at 24°C & Save” to promote energy efficiency among its 138,000 customers.