A Strong Performance: Empower Records 9.5% YoY Growth

Emirates Central Cooling Systems Corporation, more commonly known as Empower, has recently announced a strong financial performance for the nine-month period ending 30 September 2023. The company reported a revenue of AED 2.27 billion, marking a robust year-on-year growth of 9.5%. This is a significant increase from the previous year and signals a positive trajectory for the company's future. In addition to the impressive revenue growth, Empower's EBITDA for the same period stood at AED 1.07 billion, up by 7.5% from the previous year. The company's consolidated revenue for the last twelve months was also up by 9.5% from AED 2.73 billion in the previous year to AED 2.99 billion. Such strong financial performance is indicative of the company's robust business model and operational efficiency. Moreover, Empower's net profit for the nine-month period ending September 2023 was AED 685 million. This, coupled with the company's commitment to pay dividends twice a year, makes it an attractive proposition for investors. In fact, Empower has already paid a cash dividend of AED 425 million for the first half of 2023, staying true to its commitment. Looking at these figures, it is evident that Empower has a strong financial standing and shows promising growth potential. Despite a slight dip in the 1 and 3-month yield, the company's impressive performance over the nine-month period and its commitment to dividend payouts make it an attractive investment proposition. With a market cap of AED 18.1 billion, Empower is a heavyweight in the industry and is well-positioned to leverage its strong financial position to drive further growth. Given the company's current performance and future potential, it is recommended that investors consider adding Empower to their portfolio.