Dubai's Emirates Central Cooling Systems Corporation, also known as Empower, reported full year 2023 net profit attributable to equity holders of 953 million dirhams ($259 million), versus AED 1 billion in the prior-year period.

The effort beat analysts’ mean estimate of AED 946 million, according to LSEG data.

Revenue rose 9% to AED3.04 billion compared with AED2.79 billion in 2022, the district cooling company said in a filing to the Dubai Financial Market on Monday.

Empower has also proposed a final dividend of AED 425 million for 2023, to be paid by April 2024 to its shareholders.

(Reporting by Brinda Darasha; editing by Seban Scaria)