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Empower to distribute $109m cash dividends for 2020

February 23, 2021
oil and gas

Emirates Central Cooling Systems Corporation (Empower) has announced plans to distribute AED400 million ($109 million) in cash dividends to its shareholders for 2020.

This represents 45 per cent of the total net profit of AED901 million ($245 million) recorded by the company for the fiscal year.

Total revenues of the company amounted to AED2.26 billion in 2020 with an increase of 3% compared to 2019. Since 2004, the total dividends distributed among shareholders reached AED 2.650 billion.

CEO Ahmad bin Shafar said 2020 was exceptional by all means for the company. 'Results in general, and profits and dividends in particular, reflect how strong and outstanding Empower’s performance is. It also underscores the matchless ability of the company to be the leader in the district cooling industry both locally and globally,' he stated.

'This is in addition to the huge surge in profit the corporation has witnessed compared to last year,' he added.

He pointed out that Empower had completed its negotiations with international partners for its future expansion into Saudi Arabia, Bahrain and Egypt.

Bin Shafar underscored the company’s commitment to achieve added value for the Dubai economy, its shareholders and its 140,000 clients, including real estate developers, owners and end users, distributed over 1,252 buildings.

The 2020 results and profits are to be added to Empower’s 17–year record of success heralding more well-informed growth in the future.

'The expected results of Empower for 2021 are more promising than what has been seen in the previous years, especially after the conclusion of contracts worth AED1.39 billion, covering various works such as engineering consultancy, designing, construction and operation of district cooling plants, expansion of the existing pipeline network, and construction of new networks to serve the latest projects in Dubai,' said the top official.

This is in addition to building thermal energy exchange rooms and water tanks, he added.

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