Dubai – Mubasher: Emirates Central Cooling Systems Corporation (Empower) posted net profits attributable to the shareholders worth AED 167.26 million in the first quarter (Q1) of 2023, versus AED 181.22 million in Q1-22.
Revenues increased by 6% year-on-year (YoY) to AED 494.27 million during January-March 2023, compared to AED 466.27 million, according to the consolidated interim financial results.
The basic and diluted earnings per share (EPS) attributable to the owners amounted to AED 0.016 in Q1-23, an annual decline from AED 0.018.
Meanwhile, the total assets hit AED 9.75 billion in the first three months (3M) of 2023, versus AED 9.65 billion as of 31 December 2022.
Ahmad bin Shafar, CEO of Empower, said: “The results of Q1-23 consolidate the company’s position on more than one level, including by confirming its leadership in the global district cooling markets, and highlighting its superior ability to meet the demand for district cooling services with standards that exceed its global counterparts, regardless of the size, time or location.”
“The results also reinforce Empower's strong and effective presence and its capability to attract investors to the Dubai Financial Market, motivated by their confidence in the company's strong base to continue achieving growth in terms of sustainable revenues and profits,” the CEO added.
Last April, Empower disbursed AED 425 million as cash dividends for the second half (H2) of 2022.
In 2022, the DFM-listed company registered 7% YoY higher net profits attributable to the equityholders at AED 1 billion, compared to AED 935.86 million.
