Empower achieves a net profit of $175 million in 2016
UAE company currently operates 69 district cooling plants in Dubai
Emirates Central Cooling Systems Corporation (Empower), reportedly the world’s largest district cooling services provider, recorded a net profit of $175 million for 2016. Total revenues for the year reached $501 million, a 11% increase for the company over corresponding 2015 figures.
Ahmad Bin Shafar, CEO of Empower revealed the financial results at a recent press conference in Dubai. He affirmed that the company is targeting a similar growth in revenues this year.
Empower last year commenced services at various developments including Jumeirah Al Naseem Hotel and IMG Worlds of Adventure.
Empower also signed a Master Development Agreement with Nakheel to serve its Jumeirah Village South (JVS) development. This is a large-scale development that includes Jumeirah Village Triangle and will require a total capacity of 260,000 RT (Refrigeration Ton).
Empower has also commenced the operations of its 3rd District Cooling Plant in Business Bay to meet the growing requirements of the development. With these three plants, Empower is serving more than 100 buildings in the development, including Al Habtoor City.
“Being energy efficient, the District Cooling Services market holds great potential – worldwide and in the Middle East specifically. We believe that DCS will significantly contribute in achieving the objectives of Dubai Energy Strategy 2050,” said Bin Shafar.
The company has more than 65,000 clients and currently operates and maintains 69 district cooling plants in various developments in Dubai. In addition, the number of buildings using Empower’s cooling services in 2016 increased to 920 in comparison to 810 in 2015.
