UAE’s district cooling company Emirates Central Cooling Corporation (Empower) saw its revenue jump 8.7% y-o-y in 2023 to its highest ever at AED 3.04 bn, according to an earnings release. The company’s net profit fell 4% y-o-y to AED 960 mn last year, according to its financials (pdf).

What’s behind the numbers? Empower saw its portfolio grow last year, as it provided services to over 1.5k buildings in Dubai across various industries, according to the statement. The company also opened a new 47k refrigeration ton district cooling plant in the DubailandResidence complex, and started upgrading its Jumeirah Beach Residence plant with an AED 102 mn investment. Empower awarded contracts for next-gen cooling plants in 2023, expanding to provide a total cooling capacity of 48k tons.

Major partnerships in 2023: Empower finalized Master Development Agreements with some of Dubai’s biggest real estate developers, including Dubai Maritime City, to provide cooling services for 43 of its buildings with a total capacity of over 63k tons. The company also inked agreements with Sobha Properties, the Anwa residential tower, and the Dubai International Airport.

What they said: “Empower moves forward with a clear vision and effective expansion strategies that align with the vision of wise leadership for transitioning towards sustainability,” said Bin Shafar, the CEO of Empower, adding that the company also “aims to contribute more to cost reduction and improved energy efficiency” using their in-house tech.

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