Dubai - Mubasher: The Emirates Central Cooling Systems Corporation (Empower) reported a net profit of AED 804 million during the full-year 2018, 4% year-on-year (YoY) up from the year-ago period.
The UAE-based district cooling company’s revenue grew 4% YoY last year, recording AED 2.03 billion, according to a company statement.
Commenting on the previous year performance, CEO of Empower Ahmad Bin Shafar, said “2018 marked another successful year for Empower with steady growth in revenues, Earnings before interest, taxes, depreciation, and amortisation (EBITDA) and net profit. Empower’s EBITDA exceeded AED 1.0 billion and this is a clear indication of the strength of Empower’s business model and its operational strategies.”
In 2018, Empower, the world's largest district cooling services provider, settled AED 672 million ($183 million) loans ahead of schedule, the company added in a statement.
“We are very happy and proud of our achievements. Our journey to provide environmentally-friendly district cooling services began in 2004, with one temporary cooling plant servicing Dubai International Financial Centre (DIFC) project,” Bin Shafar remarked.
With over 1,090 buildings that are using district cooling services catering to more than 100,000 customers, Empower operates over 1.43 million refrigeration tonnes (RT).
