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Empower Reveals AED 871 Mn Net Profit in 2019 with Growth of 8.3%

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Empower Reveals AED 871 Mn Net Profit in 2019 with Growth of 8.3% During the Annual Financial Results Conference Empower Reveals AED 871 Mn Net Profit in 2019 with Growth of 8.3% Ahmad Bin Shafar: We have a crystal‐clear future vision and strategic plans to meet the growing demand in 2020 Total cooling capacity crossed 1,530,000 RT maintaining the position of largest in the world. Over 120,000 Customers Total energy saving AED 3.2 Billion in 2019. A total of 320.366 Km of district cooling networks Dubai, UAE; 28 January 2020: Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, reported a net profit of AED871 Mn in 2019, representing a remarkable increase of 8.3% year‐over‐year (YoY). The company has achieved a total revenue of AED2.19 Bn an increase of 7.9% YoY. Commenting on Empower's financial results at the annual press conference, Ahmad Bin Shafar, CEO of Empower, said: “2019 has been a milestone year for Empower, given the remarkable net profit increase, in addition to the significant expansion in number of district cooling plants, district cooling pipeline network, customer base and the number of buildings connected with our district cooling services.” The number of buildings that Empower provides with it’s district cooling services exceeded 1,180 and the customer base has reached to more than 120,000. The total cooling capacity has reached 1,530,000 Refrigeration Tons (RT) during 2019 that covered various projects, such as Deira Waterfront, Blue Waters, Jumeirah Group, Jumeirah Beach Residence, Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Jumeirah Lake Towers, Palm Jumeirah, Discovery Gardens, Ibn Battuta Mall, Dubai Design District and International Media Production Zone, amongst others. “Empower has saved a total of 1,224MW electricity worth AED 3.2 Billion as of the end of 2019,” Bin Shafar remarked. On the sidelines of the press conference, Bin Shafar also said: “We are proud of what our achievements in terms of increased number of district cooling plants that has reached 79 plants across Dubai, including the world's first unmanned district cooling plant, along with having the largest district cooling network.” “Empower is committed to achieving its strategic plans and supporting its customers and real estate developers, by providing efficient and high quality services based on our clear vision to meet the growing demand for eco‐friendly district cooling services as per the highest international standards,” he added. “We will continue our endeavors in 2020 to increase the number of district cooling plants and expand our district cooling network across Dubai,” he concluded. Cooling Plants In 2019, Empower launched the pilot operation of the world's first unmanned cooling plant at Jumeirah Village Circle, Dubai, with a total cooling capacity of 50,000 RT. The new plant is designed according to the highest international standards in terms of construction and building design, as it took into account the criteria of sustainable green buildings, and modern urban developments taking place in Dubai, as well as the general appearance of the district, and the external appearance of the buildings. Empower announced that the Barsha Heights permanent cooling plant is now fully operational with a total cooling capacity of 31,250 RT, that replaced three semi‐permanent cooling plants in the area. Empower has awarded a AED197 million contract to begin construction of its new district cooling plant in Dubai Production City, with a total capacity of 47,000 RT. Empower also signed a contract to design two new district cooling plants in Business Bay, with a total cooling capacity of 90,000 RT which will increase the capacity of the project to 225,000 RT. The company started designing its district cooling plant for Dubailand Residential Complex, with a capacity of 40,000 RT. It also completed the design works of Business Bay 4, 5, and 6 plants, as part of its expansion plan in the area. Contracts and Networks Empower signed contracts with a total value of AED1.13 billion with various companies, for engineering consultancy, construction, design and operation of cooling plants; expansion of district cooling pipe network; development of new networks to serve emerging projects in Dubai, as well as establishment of new Energy Transfer Stations, procurement of pipes and more. In terms of expansion of district cooling network, Empower awarded several contracts of over AED186 million across its different plants in Dubai such as, Dubai Production City and Sheikh Zayed Road to serve the Dubai Arena, Al Wasl Tower, Yotel Hotel, The Address Hotel, the One JBR Tower in Jumeirah Beach Residence as well as Barsha Heights and Dubai Studio City. Empower provided district cooling services to four new major projects in 2019, including Dubai Arena, the expansion of The Royal Atlantis Resort & Residences at the Palm Jumeirah, One JBR project, and DIFC Grand Mosque, with a total capacity of 19,250 RT. Empower provided district cooling services to Deira Waterfront in two phases using innovative technologies in district cooling. The first phase included providing around 20,000 RT to 18 buildings, covering 570,000 sqm and the second phase included providing 25,000 RT to 28 buildings, covering 910,000 sqm. Emiratization Empower's employee base has increased significantly over 16 years, to reach 764 employees, which includes 15% Emirati employees – of which 48% and 52% Emirati women and men respectively. Emirati talents also covers 40% of higher management positions, and 33% of mid‐ and administrative‐level management positions. This reflects the company's commitment to promoting gender equality and creating a diverse and balanced work environment along with attracting highly qualified Emirati personnel to enter the flourishing district cooling services industry. Key Sectors Empower provides district cooling services to Dubai's major sectors, including residential, commercial, hospitality, healthcare, educational institutions, shopping centers, as a leading and trusted provider for high‐standard services. AWARDS Over 16 years, Empower has won several prestigious local and international awards, including two gold awards from the International District Energy Association (IDEA) for “Number of Buildings Committed” and “Total Building Area Committed”. It was also awarded the IDEA Innovation Award Honorable Mention for using AI to detect lost energy, in addition to 50 other awards. At the end of the press conference, Bin Shafar said: “Empower has a clear vision and very efficient expansion strategies that are in line with the vision of our wise leadership for the transition towards sustainability. We are working tirelessly to expand our capacity to reduce costs and enhance energy efficiency by utilizing latest technologies.” Empower provides district cooling services to more than 1,180 buildings, catering to more than 120,000 customers. The company operates more than 1.53 Million Refrigeration Tons (RT), providing environmentally friendly district cooling services to large‐scale real estate developments, such as Bluewaters, Jumeirah Group, Business Bay, Jumeirah Beach Residence, Dubai International Financial Centre, Palm Jumeirah, Jumeirah Lake Towers, Ibn Battuta Mall, Discovery Gardens, Dubai Healthcare City, Dubai World Trade Centre Residences and Dubai Design District, International Media Production Zone and others. .
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