EMPOWER-

EmiratesCentral Cooling Systems Corporation (Empower) reported a 5.6% y-o-y increase in revenues, reaching AED 809 mn in 4Q 2024, according to its earnings release (pdf).

For the full year, net income declined 5.4% y-o-y to AED 908.2 mn, while revenues rose 7.4% to AED 3.3 bn, according to the company’s financial statements (pdf). Empower attributed the growth to portfolio expansion and an increase in end-users.

In high demand: Empower saw its contracted capacity jump 6.9% from 2023 to 1.78 mn refrigeration tons (RT), according to the financial statements. The increased capacity comes from signing 111 contracts in 2024 and expanding the company’s distribution pipeline network throughout Dubai to over 418 km and 88 district cooling plants.

Empower had a busy year: Empower inaugurated the first phase of its new district coolingplant in Jumeirah Beach Hills in December — with a total production capacity of 48k RT upon completion — and will develop a second district cooling plant with a capacity of 37k RT in Jumeirah. The company also signed an MoU in November with the UAE Ministry of Energy and Infrastructure to enhance collaboration in delivering district cooling services across the northern emirates.

ALSO- Empower’s subsidiary ELIPS expands across Gulf and regional markets: Empower Insulated Pipe Systems (ELIPS) has expanded its footprint across the Gulf and Middle East, and is now operating in Saudi Arabia, Bahrain, Oman, Qatar, Kuwait, and Egypt, according to a DFM disclosure (pdf).

TABREED-

UAE district cooling firm Tabreed’s net income attributable to shareholders increased 32% y-o-y to AED 570 mn in FY 2024, according to a press release from Friday. Revenues increased slightly to AED 2.434 bn from AED 2.415 bn in 2023. The company attributed the revenue bump to a 5% increase in consumption volumes to 2.66 bn refrigeration hours, and connected capacity hitting 23.8k refrigeration tons (RT). The company added 23.6k RT to its portfolio of 92 plants in 2024.

Behind the numbers: The growth in capacity came on the back of expansions at existing plants — including those in India and Egypt — as well as the commissioning of two new greenfield plants in the UAE and Oman during the year, the release notes.

Green issuances on the horizon…: Tabreed is considering issuing up to USD 1.2 bn of greensukuk and bonds in 2025 to refinance some of its debt, CFO Adel Salem Al Wahedi said back in May.

… carbon trading as well: One Tabreed’s Abu Dhabi plants secured the Verified CarbonStandard verification in September from the US-based voluntary carbon credit certification body Verra, making it eligible for carbon trading. The verification would allow the company to trade carbon credits as an “emissions preventer,” reportedly marking the first time a district cooling company has earned the title.

REMEMBER- Tabreed’s net income after tax fell 52% y-o-y to AED 112 mn in 1Q 2024 on the back of one-off gains in the same period in the preceding year before picking back up in 3Q with increased net income of AED 165.5 mn and revenues of AED 770.9 mn.

SABIC AGRI-NUTRIENTS-

KSA’s Sabic Agri-Nutrients reported a net income drop of 2% y-o-y to SAR 954 mn in 4Q 2024, according to its earning release (pdf) issued Monday. Revenue jumped 2% y-o-y to SAR 3 bn. The urea and ammonia producer noted that global urea markets weakened in 4Q 2024 due to a seasonal demand slowdown.

By the year, the company posted a 9% y-o-y drop in net income to SAR 3.3 bn in 2024, attributed to lower sales prices and higher costs of goods. Revenue edged up 0.3% to SAR 11.1 bn, with a 3% increase in sales volume offsetting a 3% decline in average selling prices.

Powering on: Sabic is working on finalizing technical and feasibility studies that would allow it to reach a final investment decision on a new low-carbon ammonia plant in Jubail Industrial City, the earnings release added. The factory is set to produce 1.2 mn metric tons per annum (MMTA) of low-carbon blue ammonia and 1.1 MMTA of urea and specialized agri-nutrients The company has already exported 5k metric tons of blue ammonia to Taiwan, another 5k ton load to India, an unknown quantity to Japan, and 25k tons of low-carbon blue ammonia to South Korea.

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