Monday 1 March 2021

Empower's 2020 net profit hits $245m, revenue up 3.4pc

DUBAI, January 21, 2021

Emirates Central Cooling Systems Corporation (Empower) has reported a net profit of AED901 million ($245.2 million) for 2020, registering an increase of 3.4 per cent over the previous year. 
Announcing the 220 results, Empower said its revenue too surged by 3 per cent to hit AED2.26 billion, a commendable performance given the difficult economic conditions resulting from the global pandemic.
The Emirati group's total cooling capacity for 2020 surged to hit 1.64 million Refrigeration Tons (RT) covering several major 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.
Commenting on the performance, CEO Ahmad Bin Shafar 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 has exceeded 1,252 and the customer base has reached more than 140,000, he stated. 
"We were also able to save a total of 1,312 MW electricity worth AED3.4 billion last year," stated Bin Shafar.
On its 2020 achievements, Empower said it had awarded contracts worth AED164 million for the construction of its new district cooling plant at Za’abeel with a total cooling capacity of 50,000 refrigeration tons (RT) which will be interconnected with the company’s existing district cooling plant in DIFC to deliver a total cooling load of 112,000 RT.
It had also awarded contracts worth AED190 million, for constructing it’s fourth district cooling plant in Business Bay, Dubai. The new plant will deliver 50,000 refrigeration tons (RT) which will increase the total cooling capacity of Business Bay project to 350,000 RT.
Contracts and Networks Empower signed contracts with a total value of AED1.39 billion with various companies, for the establishment of new district cooling plants, networks, Energy Transfer Stations (ETS), engineering consultancy, procurement of pipes and fittings.
According to him, the number of district cooling plants of Empower across Dubai has now risen to 84, including the world's first unmanned district cooling plant in Jumeirah Village Circle project, along with having the largest district cooling network.
"Empower is committed towards efficient utilization of energy resources and supporting its customers and real estate developers, by providing high quality and eco-friendly district cooling services. We will continue our endeavors in 2021 to increase the number of district cooling plants and expand our district cooling network across Dubai," he added.


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