{"id":82360,"date":"2024-02-13T00:00:00","date_gmt":"2024-02-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/02\/13\/uaes-empower-hits-record-high-revenue-in-2023\/"},"modified":"2024-02-13T00:00:00","modified_gmt":"2024-02-13T00:00:00","slug":"uaes-empower-hits-record-high-revenue-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/02\/13\/uaes-empower-hits-record-high-revenue-in-2023\/","title":{"rendered":"UAE\u2019s Empower hits record high revenue in 2023"},"content":{"rendered":"

UAE\u2019s district cooling company Emirates Central Cooling Corpora<\/strong>tion (Empower) saw its <\/strong>revenue jump 8.7% <\/strong>y-o-y<\/strong> in 2023 to its highest ever at AED 3.04 bn<\/strong>, according to an earnings release<\/a>. The company\u2019s net profit fell 4% y-o-y to AED 960 mn last year, according to its financials (pdf)<\/a>.<\/p>\n

What\u2019s behind the numbers?<\/strong> 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 Dubailand<\/a>Residence complex<\/a>, and started upgrading its Jumeirah Beach Residence<\/a> 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. <\/p>\n

Major partnerships in 2023:<\/strong> Empower finalized Master Development Agreements with some of Dubai\u2019s biggest real estate developers, including Dubai Maritime City<\/a>, 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<\/a>, the Anwa residential tower, and the Dubai International Airport<\/a>. <\/p>\n

What they said:<\/strong> \u201cEmpower moves forward with a clear vision and effective expansion strategies that align with the vision of wise leadership for transitioning towards sustainability,\u201d said Bin Shafar, the CEO of Empower, adding that the company also \u201caims to contribute more to cost reduction and improved energy efficiency\u201d using their in-house tech. <\/p>\n","protected":false},"excerpt":{"rendered":"

Net profits dropped by 4% to AED 960 mn<\/p>\n","protected":false},"author":1,"featured_media":82361,"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":[105,282,11,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-empower","tag-enterpriseclimate","tag-uae","wpautop","entry"],"acf":{"mongo_id":"0a4a4b9d-0d87-45c8-af33-dc99d63e1e21","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1115.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE\u2019s Empower hits record high revenue in 2023","related_issue":[82348],"teaser":"Net profits dropped by 4% to AED 960 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.b57fbf9f-24a0-4c4c-b9e1-f50530acaead.mp3"},"yoast_head":"\nUAE\u2019s Empower hits record high revenue in 2023 - 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