Dubai - Mubasher: The shareholders of Emirates Central Cooling Systems Corporation (Empower) approved cash dividends worth AED 425 million, equivalent to 42.50% of the paid-up capital, for the second half (H2) of 2022.
The company will pay a dividend of AED 0.04 per share during April 2023, according to a press release
This aligns with Empower’s policy to distribute a minimum cash dividend of AED 850 million on an annual basis during the first two fiscal years (FYs) following its listing on the Dubai stock exchange.
Last year, the UAE-based firm generated net profits attributable to the shareholders worth AED 1 billion, up 7% from AED 935.86 million in 2021.
Revenues jumped by 13.30% to AED 2.79 billion in 2022 from AED 2.46 billion a year earlier, while the basic and diluted earnings per share (EPS) attributable to the owners grew to AED 0.10 from AED 0.09.
Saeed Mohammed Al Tayer, Chairman of Empower, said: "Empower is moving forward with its expansion, extending the reach of its services and developing the unique business model that enabled it to become the world's largest provider of eco-friendly district cooling services.”
