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Empower’s net income dips in 2Q: The UAE’s Emirates Central Cooling Systems Corporation (Empower) recorded a 4.9% y-o-y dip in net income to AED 224 mn in 2Q 2024, compared to AED 235.6 mn in the same period last year, according to a financial statement (pdf). The company’s revenues jumped 11.4% to AED 813.8 mn.
On a six-month basis: Empower’s net income dropped 3.3% y-o-y in 1H to AED 389.5 mn, compared to AED 402.9 mn in 2023. The company’s revenues rose 10.3% to AED 1.35 bn for the same period.
Behind the numbers: Empower’s jump in revenues is driven by the increasing demand for sustainable cooling solutions with real estate developers and owners driving the adoption of district cooling systems, the company said in a separate press release (pdf). Rising occupancy rates in various real estate sectors, especially residential, and the expansion of the company’s project portfolio also contributed to its revenue growth. Empower’s total connected capacity jumped to around 1.53 mn refrigerator tons (RT) after adding over 20k RT during 1H of the year.
The outlook: The company expects to grow its capacity in the UAE and expand into neighboring countries as the global district cooling market — currently valued at USD 28.3 bn in 2023 — is expected to reach USD 51.9 bn by 2031, the recent financial statement notes.
Making strides in the energy sector: Empower won four energy awards during the International District Energy Association Annual Conference and Exhibition. It was also awarded its sixth Gold rating for its Business Bay 05 district cooling plant by the United States Green Building Council.
