{"id":78829,"date":"2023-08-07T01:00:34","date_gmt":"2023-08-07T01:00:34","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/08\/07\/empowers-net-income-drops-5-9-y-o-y-in-2q-but-revenues-are-up\/"},"modified":"2023-08-07T01:00:34","modified_gmt":"2023-08-07T01:00:34","slug":"empowers-net-income-drops-5-9-y-o-y-in-2q-but-revenues-are-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/08\/07\/empowers-net-income-drops-5-9-y-o-y-in-2q-but-revenues-are-up\/","title":{"rendered":"Empower\u2019s net income drops 5.9% y\u2013o-y in 2Q, but revenues are up"},"content":{"rendered":"

<\/a> The UAE\u2019s Emirates Central Cooling Systems Corporation (Empower) recorded a <\/strong>5.9%<\/strong> decrease in net income for 2Q 2023 to AED 235.6 mn<\/strong>, according to a financial statement (pdf)<\/a> 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.<\/p>\n

It\u2019s been a mixed 1H: <\/strong>Empower net income dropped 6.7% y-o-y in 1H 2023 to nearly AED 403 mn, according to the statement. Empower\u2019s revenues increased by 6.1% y-o-y in 1H to AED 1.2 bn, it noted in a separate filing (pdf)<\/a>.<\/p>\n

Demand is growing: <\/strong>The company\u2019s operating profit increased by 8.7% in 1H to reach AED 477.5 mn, attributed to an \u201cincrease 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,\u201d the company said.<\/p>\n

What\u2019s driving the revenues?<\/strong> The company acquired five district cooling plants<\/a> 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<\/a> and Sobha Hartland<\/a> to provide it with district cooling services with a capacity exceeding 63k RT and 17k RT, respectively. Empower is also providing Dubailand<\/a> with 43k RT of cooling capacity, the statement said.<\/p>\n

About Empower: <\/strong>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<\/a>, debuting shares at AED 1.33 before closing at AED 1.36.<\/p>\n","protected":false},"excerpt":{"rendered":"

The UAE\u2019s 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\u2019s been a mixed 1H: Empower net […]<\/p>\n","protected":false},"author":1,"featured_media":78830,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[199,105,282,11,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-district-cooling","tag-earnings-watch","tag-empower","tag-enterpriseclimate","tag-uae","wpautop","entry"],"acf":{"mongo_id":"1679f82e-285d-4a2c-b7f8-8fa775ce8509","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/2314.jpg","photo_position":"above","related_issue":[78819],"teaser":"","voice_url":""},"yoast_head":"\nEmpower\u2019s net income drops 5.9% y\u2013o-y in 2Q, but revenues are up - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/08\/07\/empowers-net-income-drops-5-9-y-o-y-in-2q-but-revenues-are-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Empower\u2019s net income drops 5.9% y\u2013o-y in 2Q, but revenues are up\" \/>\n<meta property=\"og:description\" content=\"The UAE\u2019s 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. 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