Empower signage on the exterior of the company's district cooling plant in Jumeirah Village Circle, Dubai. Bloomberg
Empower signage on the exterior of the company's district cooling plant in Jumeirah Village Circle, Dubai. Bloomberg
Empower signage on the exterior of the company's district cooling plant in Jumeirah Village Circle, Dubai. Bloomberg
Empower signage on the exterior of the company's district cooling plant in Jumeirah Village Circle, Dubai. Bloomberg

Empower's 2022 net income climbs 7% on revenue boost


Sarmad Khan
  • English
  • Arabic

Emirates Central Cooling Systems Corporation, better known as Empower, has reported an increase of about 7 per cent in its 2022 net profit as it consolidates its position in the UAE and explores growth opportunities in the region.

The district cooling provider's net profit for the 12 months to the end of December rose to Dh1 billion ($272 million), from Dh935.8 million at the end of 2021, it said on Monday in a filing to the Dubai Financial Market, where its shares are traded.

Revenue for the reporting period stood at Dh2.79 billion, up from Dh2.46 billion at the end of 2021.

“Driven by an ambitious strategy and operating within the established successful operating model, the efforts are directed towards increasing the market share within [the] UAE,” Empower said in the bourse statement.

Following the “robust performance in 2022, the group looks forward to 2023 with more organic and inorganic opportunities in the region”, it said.

The board has proposed a dividend of Dh425 million for the 2022 financial year, which is subject to the approval of shareholders, the company said.

Empower, which started trading on the DFM in November, sold 2 billion shares through its initial public offering, or 20 per cent of its share capital.

The Dubai Electricity and Water Authority and Emirates Power Investment retain 56 per cent and 24 per cent of Empower’s existing share capital, respectively, following the listing.

Empower raised more than Dh2.6 billion from its offering, which drew strong demand from local, regional and international investors and was more than 47 times oversubscribed.

The UAE Strategic Investment Fund, Shamal Holding and the Abu Dhabi Pension Fund were cornerstone investors in the IPO, with a total commitment of up to Dh335 million.

Empower was established by royal decree as a joint venture in 2003 to provide energy through its various plants to Dubai's property sector.

It serves more than 110,000 corporate and individual customers in more than 1,400 buildings with a connected capacity of about 1.4 million refrigeration tonnes and a contracted capacity of about 1.5 million refrigeration tonnes, according to its website.

Its portfolio of projects includes developments such as the Deira Waterfront, Blue Waters, Jumeirah Beach Residence, the Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Jumeirah Lakes Towers, The Palm Jumeirah, Discovery Gardens, Ibn Battuta Mall, the Dubai Design District and Dubai Production City.

Empower's assets at the end of 2022 were valued at Dh9.65 billion, up from Dh9.54 billion at the end of the previous year.

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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3. Hajj

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4. Shahada 

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What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

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“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

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France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

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Updated: February 13, 2023, 8:07 AM