|23 February, 2020

UAE’s district cooling sector profit amounts to $408mln in 2019

Empower's net profit grew by 8.3% YoY

Image used for illustrative purpose. Tilt Shot of Two Steaming Cooling Towers with blue sky

Image used for illustrative purpose. Tilt Shot of Two Steaming Cooling Towers with blue sky

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UAE – Mubasher: The district cooling sector in the UAE achieved net profits of AED 1.5 billion in 2019, while revenue generated by the sector reached over AED 3.6 billion.

Emirates Central Cooling Systems Corporation (Empower) reported more than 58% of the sector’s profits in 2019, the Emirates News Agency reported on Saturday.

Empower’s net profit grew by 8.3% to AED 871 million in 2019, from AED 804 million a year earlier.

Meanwhile, the net profit of the National Central Cooling Company (Tabreed) last year made up 31.5% of the sector’s.

It is worth highlighting that Tabreed’s profit rose by 11% year-on-year to AED 472.5 million from January to the end of December 2019, compared to AED 427.6 million in the year-ago period.

Source: Mubasher

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