Emirates Central Cooling Systems Corporation PJSC

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, recently celebrated its 20th anniversary and honored long-serving employees at its Annual Staff Gathering in Dubai. The event was attended by over 800 employees and members of senior management. CEO Ahmad bin Shafar praised the dedication of the work teams and credited them for Empower's global success. He also highlighted the company's key achievements, including record revenue, growth of its project portfolio, and the expansion of its distribution network across Dubai. He further mentioned the development of AI-based next-generation district cooling plants, which aim to transform the global district cooling industry.

The Dubai Supreme Council of Energy (DSCE) has recognized Emirates Central Cooling Systems Corporation (Empower) as the leading district cooling company in its Demand Side Management Recognition Program. The award was given in recognition of Empower's contributions to energy and water efficiency, commitment to circular economy principles, and innovations for a greener future. Empower's CEO, Ahmad bin Shafar, accepted the award and highlighted the company's operational milestones during 2023, its ongoing expansion efforts, and its commitment to sustainability. Furthermore, Empower has reached a total connected capacity of 1.52 million refrigeration tons and a contracted capacity of 1.69 million RT by the end of Q1 2024.

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, provides cooling services to 21% of Dubai's hotels and hotel apartments, up from 19% the previous year. The company's services are contributing to the reduction of carbon emissions in alignment with Dubai's sustainability and zero emissions targets. Empower's services are in high demand from developers and operators of new hotels due to their compliance with international standards and use of innovative, AI-powered technologies. The company's efforts are consistent with Dubai's vision of a green economy and sustainable development. Empower's CEO, Ahmad bin Shafar, emphasized the company's early investments in AI-based infrastructure and strong support for the Arab Travel Market 2024's focus on sustainability and innovation in the travel industry.

Emirates Central Cooling Systems Corporation (Empower) has reported a Q1 2024 revenue of AED 538 million, marking an 8.8% YoY growth. The company's EBITDA for the same period is AED 313 million, up by 8.2%, and its pre-tax net profit is AED 182 million, an 8.6% increase. The net profit post-tax totaled AED 166 million. Empower also revealed a consolidated revenue of AED 3.1 billion between April 2023 and March 2024, a 9.2% growth compared to the same period the previous year. The company's EBITDA for the last twelve months was AED 1.5 billion, a 6.2% increase. The growth is attributed to the increased demand for Empower's services in various Dubai projects and the recovery of diverse economic activities, particularly in the real estate sector.

The text refers to the interim condensed consolidated financial statements of the Emirates Central Cooling Systems Corporation P.J.S.C for the three-month period ending on 31 March 2024.

Emirates Central Cooling Systems Corporation (Empower) has signed an agreement with Al Habtoor Group to supply district cooling services to the Al Habtoor Tower. The service will provide approximately 7,200 refrigeration tons, equivalent to 75% of the peak cooling capacity of the Burj Khalifa. The Al Habtoor Tower, which is set to be the world's largest residential building upon completion, will house over 5,000 residents. The cooling services will be supplied by the beginning of the second quarter of 2025. The tower, located along Sheikh Zayed Road, will feature 1,701 residential units, retail spaces, and various amenities. The project will be built by China Railway 18th Bureau Group Ltd and served from Empower's Business Bay district cooling plant.

Emirates Central Cooling Systems Corporation (Empower) and its subsidiary ELIPS, a manufacturer of pre-insulated pipes and thermal solutions, have renewed their ISO certifications for Quality Management System (ISO 9001:2015), Environmental Management System (ISO 14001:2015), and Occupational Health and Safety Management System (ISO 45001:2018). Empower also renewed its Information Security Management System (ISO27001:2013) certification. The renewals demonstrate the companies' commitment to maintaining high standards in quality, environment, health and safety, as well as information security. CEO Ahmad Bin Shafar stated that the renewals are a testament to Empower's business sustainability and continuous development.

Emirates Central Cooling Systems Corporation (Empower), a leading district cooling services provider, has begun the process of connecting the Al Wasl Skyscraper in Dubai to its district cooling network. The skyscraper will be connected in two phases, with the second phase starting in the second half of 2024, providing a total of 3,900 refrigeration tons of environmentally friendly cooling energy. The Al Wasl Skyscraper, a sustainable building with 65 levels, is the tallest ceramic façade in the world. The CEO of Empower highlighted that this addition to their portfolio reflects confidence in their services and commitment to reducing carbon emissions. The building has 229 luxury residential units and 258 hotel rooms.