Empower Approves AED 437.5 Million Dividend
Empower's AGM approves significant dividend payout amid robust financial performance.
Summary
Empower's AGM approved a substantial dividend of AED 437.5 million following record revenue and profit, reflecting strong growth and expansion in Dubai's real estate sector.
The Emirates Central Cooling Systems Corporation PJSC, known as Empower, recently held its Annual General Meeting (AGM) at the Habtoor Palace Hotel in Dubai, where the board proposed and shareholders approved a significant cash dividend of AED 437.5 million. This decision comes on the heels of a robust financial year, with Empower reporting record revenue of AED 3.26 billion and a net profit of AED 908 million for the year ending December 31, 2024.
Empower, a key player in Dubai's district cooling sector, has been listed on the Dubai Financial Market since 2022. The company's strategic expansions and investments in Dubai's burgeoning real estate market have been pivotal in driving its impressive financial performance. His Excellency Saeed Mohammed Al Tayer, Chairman of the Board, emphasized the company's alignment with the visionary leadership of Dubai's rulers, highlighting the strategic importance of Empower's growth initiatives.
The AGM, which achieved a quorum of 89.9% of the company's paid-up share capital, also saw the approval of financial statements and the auditor's report for the fiscal year. The dividend distribution aligns with Empower's commitment to its shareholders, having successfully disbursed AED 850 million in dividends in 2024 in two equal installments. Looking ahead, shareholders have approved a dividend payment of AED 875 million for each of the next two years, reflecting confidence in Empower's continued growth trajectory.
Empower's CEO, Ahmad Bin Shafar, noted that the sustained boom in Dubai's real estate sector is a key driver of the company's growth. With the real estate market continuing to thrive, Empower is well-positioned to capitalize on new opportunities, further cementing its status as a leader in the district cooling industry.
For investors, Empower presents a compelling case for a 'hold' strategy. The company's solid financial performance and strategic growth plans suggest stability and potential for future growth, making it a reliable asset in a diversified portfolio. However, given the dynamic nature of the real estate market and potential regulatory changes, investors should remain vigilant and reassess their positions periodically.
Source
Summary
The Emirates Central Cooling Systems Corporation PJSC (Empower) held its Annual General Meeting (AGM) in Dubai, with a quorum of 89.9% of the company's paid-up share capital. The AGM approved a cash dividend distribution of AED 437.5 million for the second half of 2024, equivalent to 43.75% of the company's paid-up capital. The meeting, chaired by Saeed Mohammed Al Tayer, reviewed the company's performance, financial statements, and auditor's report for the year ending December 31, 2024. Empower, listed on the Dubai Financial Market since 2022, reported a record revenue of AED 3.26 billion and a net profit of AED 908 million for 2024. The company has committed to an annual payout of AED 850 million during the first two fiscal years post-listing, which was successfully distributed in two installments in 2024. Following this two-year commitment, Empower's shareholders approved annual dividend payments of AED 875 million for 2025 and 2026, to be disbursed in April and October each year.
