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Empower announces achieving annual revenue of AED 2.464 billion District cooling utility reports net profit of AED 936 million achieved for the year 2021, and growth of 9.3% By CCME Content Team MIRATES Central Cooling Systems Corporation (Empower) announced a record total revenue of AED 2.464 billion for the fiscal year 2021, with a growth of 9.3% compared to 2020. Making the announcement through a Press release, the company reported a net profit of AED 936 million, resulting in an increase of four per cent, compared to the year before. Speaking on the occasion of the announcement, Ahmad bin Shafar, CEO, Empower, said: “The year 2021 was an important milestone in the history of Empower at all levels. The achievements during the past year are unprecedented in quantity and quality, and due to various factors, most notably the strategic business model, which is based on increasing investment in infrastructure and being proactive in adopting and developing modern technologies. These factors collectively paved the way for the success of our expansion in the district cooling market of Dubai, driven by the significant growth in the distribution networks and the largest diversified projects in the Emirate, which significantly increased the quantity and quality of the projects portfolio and the beneficiaries of Empower.” Bin Shafar highlighted the global superiority of Empower in providing high-quality and environmentally friendly district cooling services with international standards, noting that the company has succeeded in concluding three historical acquisitions, the biggest of their kind in the world, within a span of three months, last year, which is a strong indicator that Empower will take its performance to unprecedented levels and will record historical financial results in the coming years.
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March 2022
Ahmad Bin Shafar
Bin Shafar pointed out that 1,413 buildings were being served by Empower with its district cooling services by the end of 2021, including Marsa Al Arab, One Za’abeel, The Residences Dorchester Collection, Uptown and Al Wasl 1. Connecting these and many other huge developments last year resulted in an increase of 17% in district cooling consumption, compared to 2020, Bin Shafar said. He also indicated that the company had worked hard in 2021 to provide district cooling services to various regions of Dubai by expanding its network to more than 369.014 kilometres by the end of the year, with an increase of 5.5% compared to 2020, which allowed the company to raise its share to 79.5% of Dubai’s district cooling market. In 2022, he said, Empower will focus on significantly expanding the number of district cooling plants, and extending service transmission networks to cover all regions in the Emirate of Dubai. ACQUISITIONS Empower said the year 2021 will remain
a significant milestone in its journey, as it concluded three major acquisitions in three months with a total value of AED 2.040 billion, which it added is a true reflection of its leading position in the district cooling industry. According to Empower, the process began in August with the acquisition of Nakheel’s district cooling assets for AED 860 million, with a cooling capacity of 110,000 refrigeration tons (RT). This was in addition to the previous acquisition of ‘Palm Utilities’ and ‘Palm District Cooling’ for AED 1.83 billion, the utility said. The second was followed days later by signing a deal with the ‘Meydan City Corporation’, worth AED 100 million, with a total cooling capacity of 382,000 RT to be served, it said. Besides these two deals, Empower acquired the district cooling systems serving Dubai International Airport with a total value of AED 1.1 billion, it added. Bin Shafar said Empower’s global leadership in the district cooling industry and its remarkable success in adopting unprecedented technology in operation, production and provision of services enabled it to hold unique strategic
