Empower reveals big post-merger profit hike
Profits grow by 65% and revenues by 76% in first full year following $500m Palm District Cooling purchase
The huge increases came following the company's $500m takeover of competitor firm Palm District Cooling in late 2013.
“Following the acquisition of Palm District Cooling last year, we have grown into a company that holds the largest district cooling portfolio in the world,” said CEO Ahmad Bin Shafar. “This has resulted in the growth of our projects, capacity, assets and customers. Our company is providing services to many prestigious projects and in the last 12 months, we have added more unique and world-class projects to our portfolio.”
Projects won during the year include a $204m agreement with Tecom Invetments to provide district cooling services to the new Dubai Design District (d3) via a 120,000 refrigeration ton network. This will increase its capacity by 12%.
It will also retrofit Jumeirah Group properties including Burj Al Arab, Jumeirah Beach Hotel and Madinat Jumeirah to connect them to a district cooling network.
Dubai Electricity & Water Authority (Dewa) owns a 70% stake in Empower. The company employs 670 staff.