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

Ahmad Bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), has been awarded the CEO Middle East Award 2023 in the Energy sector. This is the third time Bin Shafar has received this accolade, highlighting his role in developing the district cooling industry in the Middle East and his leadership in making Empower the world's leading district cooling services provider. This achievement also signifies a milestone for Empower, which recently debuted on the Dubai Financial Market with an oversubscription rate of 47 times, and now commands over 80% of Dubai's cooling market. Bin Shafar's commitment to sustainability and innovation has been integral to these successes and has positioned the UAE as a global leader in sustainable technologies.

The District Cooling Operators Association has expanded to Qatar, with Qatar Cool and Marafeq Qatar joining the association. The announcement was made during the association's ninth meeting, held in Dubai in conjunction with COP28. The meeting was attended by key figures in the district cooling industry, including the President and CEO of the International District Energy Association (IDEA). The association expressed confidence in the new members' ability to contribute to its goals, which include increasing operational efficiency, protecting natural resources, and reducing carbon footprints.

Emirates Central Cooling Systems Corporation (Empower) is participating as a strategic sponsor in the Water, Energy and Environment Technology Exhibition (WETEX 2023), taking place from November 15-17 in Dubai. Empower will showcase its key projects and initiatives in smart transformation and carbon emission reduction in the cooling sector. The company will also present its advanced plant rooms, developed using state-of-the-art technologies. Empower is keen to contribute to WETEX 2023, which is the largest exhibition for sustainability and clean energy technologies in the region. The event is expected to offer new cooperation opportunities and enable the conclusion of strategic partnerships.

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling service provider, will participate in the 2023 United Nations Climate Change Conference (COP28) by hosting the District Cooling Summit 2023. The summit, organized in partnership with the International District Energy Association, aims to highlight the role of district cooling in achieving energy efficiency, meeting Sustainable Development Goals, and mitigating climate change. The event, to be held on December 5, will feature global industry experts discussing the implementation and optimization of district cooling. The summit will also spotlight the UAE's leadership in adopting sustainable cooling solutions. The agenda includes panel discussions on energy transition, low-carbon solutions, and financing for district cooling infrastructure, among other topics.

Emirates Central Cooling Systems Corporation (Empower) reported a revenue of AED 2.27 billion for the nine-month period ending 30 September 2023, marking a year-on-year growth of 9.5%. The company'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 AED 2.99 billion, up 9.5% from AED 2.73 billion in the previous year. The company's net profit for the nine-month period ending September 2023 was AED 685 million. Empower paid a cash dividend of AED 425 million for the first half of 2023, fulfilling its commitment to pay dividends twice a year.