Empower Reports Record Revenue and Profit in 2024

Emirates Central Cooling Systems Corporation PJSC (EMPOWER), the world's largest district cooling services provider, has reported its financial results for the fiscal year 2024, marking a historic milestone in the company's journey. The company achieved an impressive annual revenue of AED 3.3 billion, reflecting a robust 7.4% year-over-year growth, along with a net profit of AED 908 million.

Under the leadership of His Excellency Ahmad Bin Shafar, CEO of Empower, the company has effectively capitalized on Dubai's dynamic economic landscape. This strategic approach has allowed Empower to leverage significant growth across various sectors, including real estate, hospitality, and entertainment. The company's well-calibrated mechanisms and flexible execution strategies have been instrumental in driving sustainable growth, enhancing profitability, and generating long-term returns for its shareholders.

Empower's success in 2024 is further underscored by its expanding portfolio, which now includes 1,637 buildings and over 418 kilometers of district cooling distribution pipeline network. The company has also signed 111 agreements for district cooling services and issued 42,735 NOCs, marking a 22% year-over-year increase. Additionally, there has been a 10% rise in district cooling service consumption and an 11% growth in online customer transactions.

As Empower continues to grow, it has also made significant strides in integrating advanced technologies and solutions into its district cooling plants and networks. These advancements have not only increased operational efficiency but have also improved customer satisfaction levels.

Given the impressive financial performance and strategic growth initiatives, investors may consider holding their positions in Empower. The company's strong market presence and continued focus on innovation and customer satisfaction suggest a stable outlook.