Emirates Central Cooling Systems Corporation (Empower), one of the largest district cooling services provider, has announced a record total revenue of AED2.464 billion (($670 million) for the fiscal year 2021, with a 9.3% growth compared to 2020. 

 

The company also announced a net profit of AED 936 million, resulting in an increase of 4% compared to the last year.

 

Empower pointed out that 2021 would remain a luminous milestone in its journey, as it concluded three major acquisitions in three months with a total value of AED2.04 billion. 

 

The process began in August with the acquisition of Nakheel’s district cooling assets for AED860 million, with a cooling capacity of 110,000 refrigeration tons (RT). This was in addition to the previous acquisition of 'Palm Utilities' and 'Palm District Cooling' for AED1.83 billion. 

 

The second was a strategic deal with the 'Meydan City Corporation’, worth AED 100 million, for a total cooling capacity of 382,000 RT. Besides these two deals, Empower also acquired the district cooling systems serving Dubai International Airport with a total value of AED 1.1 billion.

 

On the 2021 performance, CEO Ahmad bin Shafar said: "2021 was an important milestone in the history of Empower at all levels. The achievements during the past year are unprecedented in quantity and quality, and due to various factors, most notably the strategic business model, which is based on increasing investment in infrastructure, and being proactive in adopting and developing modern technologies."

 

"These factors collectively paved the way for the success of our expansion in the district cooling market of Dubai, driven by the significant growth in the distribution networks and the largest diversified projects in the Emirate, which significantly increased the quantity and quality of the projects portfolio and the beneficiaries of Empower," he noted.

 

Bin Shafar pointed out that a total of 1,413 buildings are being served by Empower with its district cooling services untill 2021-end, including big projects such as the Marsa Al Arab, One Za’abeel, The Residences Dorchester Collection, Uptown and Al Wasl 1 and many other huge developments, which were connected last year, resulting in an increase of 17% in district cooling consumption compared to 2020.

 

According to him, Empower had worked hard during 2021 to provide district cooling services to various regions of Dubai by expanding its network to more than 369.014 km by the end the year, with an increase of 5.5% compared to 2020, which allowed the company to rise it’s share to 79.5% of the Dubai's district cooling market.

 

"In 2022 Empower will focus on significantly expanding the number of district cooling plants, and extending service transmission networks to cover all regions in Dubai," he added.-TradeArabia News Service