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EMPOWER-
Emirates Central Cooling Systems Corporation’s (Empower) net income inched down 5% y-o-y to AED 224 mn in 2Q 2024, according to the company’s financial statements (pdf). Empower recorded an 11.4% y-o-y increase in its top line to AED 813.8 mn, amid surging demand for district cooling services, with more real estate developers looking to optimize energy consumption and reduce emissions, as well as a surge in occupancy rates.
In 1H 2024, the company’s net income fell 3% y-o-y to AED 389.5 mn, while revenues grew 10% y-o-y to AED 1.35 bn, according to a separate earnings release (pdf). The company also boosted its total connected capacity to more than 1.53 mn refrigeration tons, with some 1.73 mn RT contracted. Consumption also went up 20% during 1H 2024, due to rising demand and consumption at Dubai International Airport.
AGTHIA-
ADQ-owned F&B firm Agthia Group’s net income rose 31.8% y-o-y to AED 62.4 mn in 2Q 2024, according to its financial statements (pdf). The company booked AED 1.08 bn in revenues, up 6% y-o-y. Agthia’s growth came from various business segments, including 20% y-o-y growth in the company’s snacking portfolio in the first half of the year and 25% growth in its agri-business segment, according to a separate earnings release (pdf).
On a six-month basis, the company saw its net income increase 32% y-o-y to AED 190 mn in 1H 2024, while revenues increased 15% y-o-y to AED 2.53 bn, driven by AED 120 mn one-off wheat trading sales in its agri-business in 1Q, as well as a “continued shift of the group’s product portfolio towards higher growth segments in key target markets.” The company attributed 45% of its growth in 1H to innovation, and said group revenues would have grown 21.3% y-o-y without the impact of the currency devaluation in Egypt.
Looking ahead: The company anticipates revenue growth between 10% and 12% in FY 2024, impacted by “currency headwinds on the group’s Egyptian operations,” the release said.
Dividends: Agthia proposed AED 85.7 mn in interim dividends for 1H 2024, representing a 25% y-o-y increase. The dividend payment is subject to shareholder approval.
