Empower Declares Dh425 Million Dividends and Achieves Record Revenue in 2023

UAE, 28 March, 2024 : The Emirates Central Cooling Systems Corporation PJSC (Empower) recently convened its annual general meeting, with 90.4% quorum, where shareholders approved the distribution of Dh425 million in cash dividends for the second half of 2023. This amounts to Dh0.0425 per share, equivalent to 42.5% of the company’s paid-up capital.

The meeting also reviewed Empower’s performance, endorsing financial statements, and the auditor’s report for the year ending December 31, 2023. Additionally, shareholders approved other agenda items presented.

Empower, listed on the Dubai Financial Market (DFM) in 2022 under the symbol (EMPOWER), reported its highest-ever revenue of Dh3.035 billion for the year 2023, with a net profit of Dh960 million. The dividend distribution aligns with the company’s policy, aiming to provide a minimum annual dividend of Dh850 million for the first two fiscal years post-listing. Empower had already paid dividends for the first half of 2023 in October.

Saeed Mohammed Al Tayer, Chairman of Empower, emphasized the company's role in providing environmentally friendly district cooling services in Dubai. Through advanced infrastructure and energy-efficient practices, Empower contributes to environmental preservation and combating climate change.

Al Tayer highlighted Empower's commitment to sustainable returns and shareholder rewards, achieved through strategic expansion in the local market, service enhancements, and operational efficiencies.

Source : www.gulfnews.com