Empower reports Dh538 million in Q1 revenue

Empower reports Dh538 million in Q1 revenue

Published: Mon 6 May 2024, 6:58 PM

Emirates Central Cooling Systems Corporation PJSC (Empower), the world’s largest district cooling services provider, on Monday reported first quarter revenue of Dh538 million, an increase of 8.8 per cent, and earnings before interest, taxes, depreciation and amortisation (Ebitda) of Dh313 million, with a growth of 8.2 per cent, compared to the same period of 2023.

Empower earned Dh182 million as profit before tax with an impressive growth of 8.6 per cent compared to the same period of 2023. Net profit after tax amounted to Dh166 million for the quarter ended March 31, 2024.

According to its financial statements, Empower has recorded a consolidated revenue of Dh3.1 billion during the past twelve months, between April 2023 and March 2024, compared to Dh2.8 billion between April 2022 to March 2023, posting a remarkable growth of 9.2 per cent. Based on the financial statements, Empower’s Ebitda for the last 12 months (April 2023 to March 2024) amounted to Dh1.5 billion, compared to Dh1.4 billion for the period April 2022 to March 2023, i.e. growth of 6.2 per cent.

Ahmad Bin Shafar, CEO of Empower, attributed the growth in the first quarter of this year to heightened demand for the