Press releases, Reports & Disclosures for Emirates Central Cooling Systems Corporation PJSC

Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, successfully concluded the summer season of 2024 without any service interruptions. Despite high temperatures, Empower maintained high operational efficiency and reliability. The company implemented a proactive action plan, including extensive maintenance and infrastructure upgrades, to ensure uninterrupted service. Empower's CEO, HE Ahmad Bin Shafar, highlighted the company's commitment to reliability and sustainability. Empower also ran a summer campaign, 'Set and Save at 24°C,' to help customers optimize energy consumption. The company continues to focus on providing high-quality district cooling solutions and enhancing customer trust.

Emirates Central Cooling Systems Corporation PJSC (Empower) has successfully concluded its summer campaign, "Set and Save at 24°C," aimed at optimizing district cooling consumption and reducing customer bills. The campaign encouraged customers to set their air conditioning to 24°C to conserve energy and lower costs. Empower's CEO, HE Ahmad Bin Shafar, expressed gratitude to customers for their cooperation, emphasizing the importance of reducing energy consumption for environmental sustainability and aligning with Dubai's "Green Economy for Sustainable Development" initiative. The campaign, now in its ninth year, provided over 138,000 customers with tips to reduce energy waste and lower utility bills, contributing to a greener economy and supporting Dubai's goal of becoming the world's lowest carbon city by 2050.

Emirates Central Cooling Systems Corporation PJSC (Empower) reported a 41% increase in new customer registrations via electronic platforms over the past five years and issued nearly 20,000 No Objection Certificates (NOCs) in the first half of this year. Additionally, there was an 11% rise in bill payments through electronic channels in the same period. Empower noted a 21% increase in the issuance of NOCs, which enhance business efficiency and productivity. CEO HE Ahmad Bin Shafar highlighted that these achievements reflect the company's commitment to sustainable growth and alignment with Dubai's technological advancements and national strategies. Empower's customer base grew to over 138,000 in the first half of the year.

Emirates Central Cooling Systems Corporation PJSC (Empower) has awarded a contract to design its second district cooling plant in Jumeirah Village, Dubai. Construction is set to begin in the first quarter of 2025. This project is part of Empower's larger initiative to establish six next-generation plants in Jumeirah Village, covering Jumeirah Village Circle (560 hectares) and Jumeirah Village Triangle (242 hectares), with a total cooling capacity of 256,000 tons. The new plant will have a production capacity of approximately 37,000 refrigeration tons (RT) and will use advanced cooling technologies to optimize energy efficiency and reduce water consumption. It will serve a variety of properties, including residential buildings, commercial complexes, and hotels. Jumeirah Village is a popular area in New Dubai, known for its green spaces and amenities. Empower's CEO, Ahmad Bin Shafar, stated that the new plant aligns with the company's strategic plans to meet the growing demand for sustainable district cooling services. The design aims to adhere to high global standards and integrate seamlessly with Dubai's urban identity, supporting the UAE's green economy initiatives and the 'Smart Dubai' initiative. Empower continues to expand its services across Dubai to cater to various major projects.

Empower, the world's largest district cooling services provider, celebrates Emirati Women's Day under the theme 'We Collaborate for Tomorrow,' aligning with the UAE President's 'Year of Sustainability' initiative for 2024. CEO Ahmad Bin Shafar emphasized the crucial role of Emirati women in sustainable development and climate change efforts, noting their leadership in sustainability initiatives within the organization. Emirati women hold senior positions and make up over 62% of the female workforce at Empower. Bin Shafar praised their significant contributions to the nation's development and highlighted the UAE's commitment to gender equality and women's empowerment. He acknowledged the leadership's support in providing opportunities and fostering gender balance in the workplace.

Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, reported a 20% increase in district cooling consumption and a 44% rise in contracts in the first half of 2024 compared to the same period in 2023. This growth is attributed to high occupancy rates in existing real estate projects in Dubai and a significant increase in new large real estate projects. Empower's connected capacity reached 1.53 million refrigeration tons (RT), and contracted capacity grew to over 1.72 million RT. The company now holds over 80% of the Dubai district cooling market as of the end of 2023. Empower attributes this growth to customer confidence and the environmental benefits of district cooling.

Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, has commenced construction of a new district cooling plant in Dubai’s Deira district. The plant, with a capacity of 39,000 refrigeration tons (RT), will serve over 46 buildings within the Deira Waterfront development, part of the Deira Enrichment Project aimed at transforming the district with residential communities, commercial spaces, and offices while preserving its heritage. The plant will incorporate advanced technologies like Thermal Energy Storage (TES) and Treated Sewage Effluent (TSE) to optimize energy usage and conserve water. Construction is progressing on schedule, with completion in two phases. The first phase, with a capacity of approximately 20,000 RT, is expected to be operational by June 2025. Empower, holding over 80% of the Dubai district cooling market, plans to continue significant investments to expand its operations in Dubai. This includes upgrading facilities and staff to meet growing demand. CEO Ahmad bin Shafar emphasized the company's commitment to providing reliable, high-quality district cooling services and expanding its infrastructure and customer base, aiming to reach around 140,000 customers by year-end.

Emirates Central Cooling Systems Corporation PJSC (EMPOWER) reported AED 1,352 million in revenue for the first half of 2024, a 10.3% increase compared to H1 2023. The company's EBITDA for the same period was AED 693 million, reflecting a 6.0% growth. Profit before tax reached AED 428 million, up 6.3% from the previous year, with a net profit after tax of AED 390 million for the six months ending June 30, 2024. CEO Ahmad Bin Shafar attributed the robust financial performance to the rising adoption of environmentally friendly cooling systems by real estate developers and building owners. Additionally, increasing occupancy rates in Dubai's real estate projects and the expansion of Empower’s portfolio with new projects have driven demand for the company's services. Empower’s diverse customer base spans residential, commercial, healthcare, hospitality, retail, education, entertainment, and other sectors.