UAE's Empower eyes overseas expansion as profit surges to $245.50mln

Empower is on track to expand its operations into other emirates while seeking to enter new market including Saudi Arabia, Egypt and Bahrain

  
Emirates Central Cooling Systems Corporation Empower. Image for illustrative purpose.

Emirates Central Cooling Systems Corporation Empower. Image for illustrative purpose.

Empower

UAE - Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, reported on Wedensday a 3.4 per cent surge in a net profit in 2020 “despite the challenges of pandemic lockdowns,” and said 2021 would see it expanding operations within the UAE and across the region.

Empower reported a profit of Dh901 million on a total revenue of Dh2.26 billion in 2020, up 3.0 per cent.

Ahmad bin Shafar, CEO of Empower, said 2020 has been another successful year for Empower, with growth in its financial as well as operational performance. “The growth is clearly evident from increase in revenues and net profit, additions in the number of district cooling plants, expansion of district cooling pipeline network, increase in customer base and the number of buildings connected with our district cooling services.”

Speaking at media briefing, Bin Shafar said Empower is on track to expand its operations into other emirates while seeking to enter new market including Saudi Arabia, Egypt and Bahrain. “We will continue our endeavors in 2021 to increase the number of district cooling plants and expand our district cooling network across Dubai,” he concluded.

He said over the next one year, the district cooling giant expects to boost its plants from 84 to 100 units. “We are proud of our achievements in terms of increased number of district cooling plants that has reached 84 plants across Dubai, including the world's first unmanned district cooling plant in Jumeirah Village Circle project, along with having the largest district cooling network.”

“Empower has also saved a total of 1,312 MW electricity worth Dh3.4 billion as of the end of 2020,” Bin Shafar remarked.

The number of buildings that Empower provides with its district cooling services exceeded 1,252 and the customer base has reached more than 140,000. The total cooling capacity has reached 1,640,000 Refrigeration Tons (RT) during 2020 that covered various projects, such as Deira Waterfront, Blue Waters, Jumeirah Group, Jumeirah Beach Residence, Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Jumeirah Lake Towers, Palm Jumeirah, Discovery Gardens, Ibn Battuta Mall, Dubai Design District and International Media Production Zone, amongst others.

“Empower is committed towards efficient utilization of energy resources and supporting its customers and real estate developers, by providing high quality and eco-friendly district cooling services” he added. Bin Shafar also stated that Empower had reduced its fuel surcharge rates by 25 per cent per cent effective 1st December 2020 in line with the initiative of Dubai’s Supreme Council of Energy.

In line with the growth in its operations, Empower's employee base also increased despite challenges resulting from the Covid-19 outbreak, and has reached more than 845, with UAE nationals accounting for 15 per cent of the total.

 

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