Empower pays $109m worth dividends to shareholders
District cooling company Emirates Central Cooling Systems Corporation (Empower) has paid $109m (AED400m) as dividends to its shareholders from the company's profit for the year 2017
District cooling company Emirates Central Cooling Systems Corporation (Empower) has paid $109m (AED400m) as dividends to its shareholders from the company's profit for the year 2017.
The company had earlier declared a net profit of $210m (AED772m) in 2017, an increase of 20% over the year 2016.
Empower’s total revenues in 2017 amounted to $534m (AED1.96bn), an increase of 6.1% compared to last year.
Ahmad Bin Shafar, CEO of Empower, commented: “We are proud to declare and pay significant amount of dividends to our shareholders in 2017, which is made possible through various positive factors, including a robust strategy and its effective implementation.
"Commendably, the vision of our great leaders of the nation and Dubai on environmentally sustainable development and energy-efficient urban neighbourhoods has further boosted the industry in general, and Empower’s business consequently. This supports the vision and aspirations of our wise leadership to transform the Emirate into the leading global centre for green economy.”
Empower currently operates 1.34 million refrigeration tonnes (RT), providing environmentally responsible district cooling services to large-scale real estate developments, such as Jumeirah Group, Business Bay, Jumeirah Beach Residence, Dubai International Financial Centre, Palm Jumeirah, Jumeirah Lake Towers, Ibn Battuta Mall, Discovery Gardens, Dubai Healthcare City, Dubai Design District, Jumeirah Village Circle, Blue Waters and International Media Production Zone among others.