A slight drop in Empower’s bottomline:The UAE’s Emirates Central Cooling Systems Corporation (Empower) recorded a 1% drop y-o-y in net income in 1Q 2024 to AED 167.4 mn, compared to AED 165.5 mn in the same period last year, according to a financial statement (pdf). The company's revenues were up 8.8% y-o-y to AED 537.7 mn.

Empower expects revenues to keep rising: Stricter government regulations are anticipated to curb greenhouse gasses in the coming years which will likely boost the expansion of district cooling as it offers more energy efficiency than conventional systems, the statement adds.

Empower’s portfolio expanded in 1Q: The company began the process of connecting Dubai’s Al Wasl skyscraper to its district cooling network last month and inked an agreement with Al Habtoor Group to supply Al Habtoor Tower with district cooling services.

Building on a profitable 2023? Empower saw its revenue jump 8.7% y-o-y in 2023 to its highest ever at AED 3.04 bn. The boost was off of its expanding portfolio which reached 1.5k buildings in Dubai, establishing a new 47k refrigeration ton district cooling plant in the Dubailand Residence complex, and upgrading its Jumeirah Beach Residence plant with an AED 102 mn investment.

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