Dubai’s Emirates Central Cooling Systems Corporation (Empower) is set to distribute AED 425 million ( $115 million) dividend for the second half of 2022. 

The payout, which represents 42.5% of the company’s paid-up capital, will be paid to shareholders in April, the district cooling services provider said in a disclosure on the Dubai Financial Market (DFM). The dividend was approved during the company’s general assembly on Wednesday. 

Empower’s Chairman Saeed Mohammed Al Tayer also confirmed plans to move forward with the company’s expansion, extending the reach of its services and developing its “unique” business model. 

The dividend is aligned with the company’s policy of distributing a minimum dividend amount of AED 850 million per annum in the first two fiscal years following its listings on the Dubai bourse. 

Empower made revenues of around AED 2.8 billion and net profit of more than AED 1 billion for the year ending on December 31, 2022. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@lseg.com