The UAE’s Emirates Central Cooling Systems Corporation (Empower) recorded a 5.9% decrease in net income for 2Q 2023 to AED 235.6 mn, according to a financial statement (pdf) published last Thursday on the Dubai Financial Market. Empower's revenues increased 6.2% y-o-y in 2Q, bringing in AED 730.6 mn.

It’s been a mixed 1H: Empower net income dropped 6.7% y-o-y in 1H 2023 to nearly AED 403 mn, according to the statement. Empower’s revenues increased by 6.1% y-o-y in 1H to AED 1.2 bn, it noted in a separate filing (pdf).

Demand is growing: The company’s operating profit increased by 8.7% in 1H to reach AED 477.5 mn, attributed to an “increase in the volume of consumption of its district cooling services by 7.2% during the first half of 2023 compared to the same period of last year,” the company said.

What’s driving the revenues? The company acquired five district cooling plants at Dubai International Airport last May with a total capacity of 110k refrigeration tons (RT) at a value of AED 1.1 bn. Empower also entered an agreement with Dubai Maritime City and Sobha Hartland to provide it with district cooling services with a capacity exceeding 63k RT and 17k RT, respectively. Empower is also providing Dubailand with 43k RT of cooling capacity, the statement said.

About Empower: Empower is a regional district cooling provider established in 2003 as a joint venture between Dubai Electricity and Water Authority (Dewa) and Tecom Investments, a member of Dubai Holding. The company IPO-ed last year, debuting shares at AED 1.33 before closing at AED 1.36.

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