Emirates Central Cooling Systems Corporation, the Dubai utility known as Empower, has reported a Dh167.3 million ($45.5 million) profit in the first quarter, as demand grew for its services in line with the emirate's economy.
Revenue in the three months ended March rose 6 per cent to Dh494.27 million, from Dh466.27 million a year ago, the company said in a filing to the Dubai Financial Market, where its shares are traded.
Operating profit was up 8.2 per cent annually to Dh200.1 million, from Dh185.1 million a year ago. Net profit was down about 7.6 year-on-year from Dh181.3 million in the first quarter of 2022.
Empower said it posted “exceptional growth” as new mixed-use projects were added to its portfolio, and noted a surge in production and operational capacity.
This was driven by the rise in recurring and sustainable revenue resulting from the growth in various economic sectors and markets in Dubai, notably the real estate sector, which is the mainstay of the company's business.
“The results of the first quarter consolidate the company’s position on more than one level, including by confirming its leadership in the global district cooling markets, and highlighting its superior ability to meet the demand for district cooling services,” Ahmad bin Shafar, chief executive of Empower, said in a statement.
District cooling companies, growing at a rapid pace in the Middle East, deliver chilled water through insulated pipes to offices, residences and industrial buildings to run air conditioning systems.
Its benefits include reduced capital and operating costs, lower set-up costs, substantially lower electricity use and lower maintenance, and more sustainability as it enables the use of alternative and cheaper fuels, according to Empower's website.
In the first quarter, Empower entered into several exclusivity agreements, including concessions agreements with property development projects.
In February, it signed an agreement with the Dubai Maritime City to provide its projects district cooling services with a capacity exceeding 63,000 refrigeration tonnes. A similar agreement was signed with Sobha Real Estate in March to provide 17,000 refrigeration tonnes to the Sobha Hartland project.
Empower also signed agreements for several other buildings in parts of Dubai, including Business Bay, Jumeirah Village Circle, Dubailand, Dubai Studio City, the Dubai International Financial Centre, Jumeirah Lakes Towers and Barsha Heights, with the total cooling capacity of these agreements reaching 24,000 refrigeration tonnes.
It also started operating its new district cooling plant in Dubailand, with a total production capacity of 47,000 refrigeration tonnes, which will provide services to residents of the Dubai Land Residence Complex.
The results of the first quarter consolidate the company’s position on more than one level, including by confirming its leadership in the global district cooling markets, and highlighting its superior ability to meet the demand for district cooling services
Ahmad bin Shafar,
chief executive of Empower
Those services come with “standards that exceed its global counterparts, regardless of the size, time or location”, Mr bin Shafar said.
Empower, which started trading on the DFM in November, sold two billion shares through its initial public offering, or 20 per cent of its share capital. It 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.
“The [first-quarter] results also reinforce Empower's strong and effective presence and its capability to attract investors to the Dubai Financial Market, motivated by their confidence in the company's strong base to continue achieving growth in terms of sustainable revenue and profits,” Mr bin Shafar said.
Empower was established by 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.
Pakistan Super League
Previous winners
2016 Islamabad United
2017 Peshawar Zalmi
2018 Islamabad United
2019 Quetta Gladiators
Most runs Kamran Akmal – 1,286
Most wickets Wahab Riaz –65
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Global state-owned investor ranking by size
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China
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Japan
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Norway
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Canada
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KILLING OF QASSEM SULEIMANI
Fixtures:
Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm
Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm
Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm
More from Neighbourhood Watch:
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
UAE currency: the story behind the money in your pockets
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
HAJJAN
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Brief scoreline:
Tottenham 1
Son 78'
Manchester City 0
Who are the Sacklers?
The Sackler family is a transatlantic dynasty that owns Purdue Pharma, which manufactures and markets OxyContin, one of the drugs at the centre of America's opioids crisis. The family is well known for their generous philanthropy towards the world's top cultural institutions, including Guggenheim Museum, the National Portrait Gallery, Tate in Britain, Yale University and the Serpentine Gallery, to name a few. Two branches of the family control Purdue Pharma.
Isaac Sackler and Sophie Greenberg were Jewish immigrants who arrived in New York before the First World War. They had three sons. The first, Arthur, died before OxyContin was invented. The second, Mortimer, who died aged 93 in 2010, was a former chief executive of Purdue Pharma. The third, Raymond, died aged 97 in 2017 and was also a former chief executive of Purdue Pharma.
It was Arthur, a psychiatrist and pharmaceutical marketeer, who started the family business dynasty. He and his brothers bought a small company called Purdue Frederick; among their first products were laxatives and prescription earwax remover.
Arthur's branch of the family has not been involved in Purdue for many years and his daughter, Elizabeth, has spoken out against it, saying the company's role in America's drugs crisis is "morally abhorrent".
The lawsuits that were brought by the attorneys general of New York and Massachussetts named eight Sacklers. This includes Kathe, Mortimer, Richard, Jonathan and Ilene Sackler Lefcourt, who are all the children of either Mortimer or Raymond. Then there's Theresa Sackler, who is Mortimer senior's widow; Beverly, Raymond's widow; and David Sackler, Raymond's grandson.
Members of the Sackler family are rarely seen in public.
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
