District cooling firm Empower posts 24 per cent increase in 2016 net profit
Dubai-based district cooling services provider Emirates Central Cooling Systems Corporation (Empower) has posted a 24 per cent increase in net profit for the full year 2016.
The company made a net profit of AED641 million last year, compared to AED516m in 2015.
Total revenue reached AED1.84 billion, up 11 per cent from AED1.66bn a year earlier.
“The financial result of 2016 is a testament of Empower’s continued efforts in effectively managing and executing projects,” said Ahmad Bin Shafar, CEO of Empower.
He said the company was targeting a similar growth during the current year.
Bin Shafar said Empower started operations in a number of developments in Dubai last year. Jumeirah Al Naseem Hotel, IMG Worlds of Adventure, Damac Paramount Towers, and Prospect Heights were among the projects.
The company also signed a master development agreement with Nakheel to serve its Jumeirah Village South (JVS) development. The large-scale development includes Jumeirah Village Triangle and Jumeirah Village Circle and will require a total capacity of 260,000 RT.
During the year, Empower has also commenced operations of its 3rd district cooling plant in Business Bay. In this area of Dubai alone, the company provides cooling solutions to more than 100 towers.
The company operates and maintains 69 district cooling plants in Dubai and the total number of buildings using Empower’s cooling services climbed to 920 in 2016, compared to 810 in 2015.
“Being energy efficient, district cooling services (DCS) market holds great potential- worldwide and in the Middle East specifically. We believe that DCS will significantly contribute in achieving the objectives of Dubai Energy Strategy 2050”, says Bin Shafar.
The company was set up as a joint venture between utility Dubai Electricity and Water Authority (DEWA) and TECOM Investments, a member of Dubai Holding, in 2003.