Empower announces Dh772mn net profit for 2017

Empower announces Dh772mn net profit for 2017
Ahmad bin Shafar, CEO, Empower
Published: 20 February 2018 - 2:47 a.m.
By: Baset Asaba

Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, made a net profit of Dh772mn in 2017, an increase of 20% over the year 2016, the company has revealed.

Empower’s total revenues in 2017 amounted to Dh1.96bn, an increase of 6.1% compared to the last year.

“Empower’s strong financial results reflect its continuous efforts and commitment to deliver efficient and cost-effective district cooling services complying with the highest international standards and the best global practices,” said Ahmad Bin Shafar, CEO, Empower, while announcing the company’s 2017 financial results on Monday.

Empower said it had re-paid loans amounting to Dh390mn in 2017. The company has also declared dividends amounting to Dh400mn.

Last year, Empower connected various buildings in Jumeirah Village South project and the prestigious Bluewaters development with district cooling services. It also The Opus, a commercial tower located in Business Bay.

Empower is also providing its services to various hotel developments in Dubai and connected new hotel developments such as W Resort Hotel & Residences, Emerald Palace Kempinski, ALOFT and The Retreat Palm located in Palm Jumeirah.

Click here to add your comment

Please add your comment below
Your email address will not be published