Empower’s net profit up 3.4%
Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, reported a net profit of Dhs901 million with a total revenue of Dhs2.26 billion in 2020. Empower’s revenues grew by 3.0 per cent with a net profit increase of 3.4 per cent year-over-year (YoY), a commendable performance given the difficult economic conditions resulting from the global pandemic.
Commenting on Empower’s financial results at the annual press conference, Ahmad Bin Shafar, CEO of Empower, said: “2020 has been another successful year for Empower, with growth in its financial as well as operational performance, which is clearly evident from increase in revenues and net profit, additions in the number of district cooling plants, expansion of district cooling pipeline network, increase in customer base and the number of buildings connected with our district cooling services.”
The number of buildings that Empower provides with its district cooling services exceeded 1,252 and the customer base has reached more than 140,000. The total cooling capacity has reached 1,640,000 Refrigeration Tons (RT) during 2020 that covered various projects, such as Deira Waterfront, Blue Waters, Jumeirah Group, Jumeirah Beach Residence, Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Jumeirah Lake Towers, Palm Jumeirah, Discovery Gardens, Ibn Battuta Mall, Dubai Design District and International Media Production Zone, amongst others.
“Empower has also saved a total of 1,312 MW electricity worth Dhs3.4 billion as of the end of 2020,” Bin Shafar remarked.
On the sidelines of the press conference, Bin Shafar also said: “We are proud of our achievements in terms of increased number of district cooling plants that has reached 84 plants across Dubai, including the world’s first unmanned district cooling plant in Jumeirah Village Circle project, along with having the largest district cooling network.”