A mixed 1Q for Empower: Emirates Central Cooling Systems’ (Empower) net income dropped 7.7% y-o-y in 1Q 2023 to AED 167.4 mn, the company’s financial statement (pdf) for the period showed. Revenues for the first quarter of the year were up by 6% y-o-y to AED 494 mn on the back of an increased appetite for district cooling in Dubai, according to its earnings release (pdf).

Empower attributed its rising revenues during 1Q to growing demand for its services across Dubai, particularly for its newly added mixed-use projects, and a rise in production and operational capacity during the period, the release notes. The growth is mainly attributed to a rise in sustainable revenues from the real estate sector, the company’s main business pillar. The projects include concession agreements with leading real estate developers in Dubai, including an agreement in February with the Dubai Maritime City (DMC) to provide district cooling services with a capacity of more than 63k refrigeration tons (RT). It also began operations at its new district cooling plant in Dubailand with a total production capacity of 47k RT, it added.

What they said: “Empower is determined to continue to grab investment opportunities in the market and to maintain its outstanding performance to ensure rewarding and sustainable returns for shareholders,” company CEO Ahmad bin Shafar said. “The company will continue investments in its portfolio of assets and infrastructure to serve the growing demand in the region’s district cooling market.”

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