Empower distributes $118m cash dividends for H1
DUBAI, October 19, 2023
Emirates Central Cooling Systems Corporation (Empower) said it has distributed cash dividends worth AED425 million ($118.4 million) - representing 42.5% of the company’s paid-up capital - to its shareholders for the period ended June 30, 2023.
The move marks the fulfillment of Empower's commitment to pay dividends to shareholders twice a year, with a cumulative value of AED850 million per annum during the first two fiscal years following its listing on Dubai Financial Market.
In April, the company distributed AED425 million in dividends for the second half of 2022. This is now followed by another distribution of AED425 million for the first half of the current year 2023, with payment made in October 2023.
The Empower Board of Directors' decision aligns with the dividend distribution policy outlined in the prospectus for the company's public offering of shares, which was announced on October 24, 2022.
The company plans to continue distributing dividends for the period spanning the second half of 2023 and the first half of 2024, which shall be paid during the year 2024, it stated.
"The dividends are a testament to Empower's unwavering commitment to deliver on the promises it made to its valued investors and shareholders," remarked its CEO Ahmad bin Shafar.
"These promises centre on maintaining a sustainable operational and financial performance that not only benefits our stakeholders but also contributes to the growth of Dubai's economy, its residents, and its diverse economic sectors," he stated.
"The overall performance underscores Empower's strong leadership within the district cooling industry and highlights the success of our strategies focused on promoting energy-efficient district cooling services and improving operational efficiencies," he added.-TradeArabia News Service
