Empower reported a 24 percent increase in net profit for 2016, according to the results announced on Sunday.
Ahmad Bin Shafar, CEO of Empower said the districting cooling company recorded a net profit of AED 641 million ($175m) for 2016. Total revenues for the year reached AED 1.84 billion, which indicates an 11% increase for the company year on year.
Bin Shafar said Empower, a joint venture between DEWA and Tecom Investments, is targeting a similar growth during the current year, after a year of “steady growth” in 2016.
“The financial result of 2016 is a testament of Empower’s continued efforts in effectively managing and executing projects,” he said.
He said Empower has begun retrofitting existing cooling systems in the emirate, which save energy by delivering the service more efficiently.
“Being energy efficient, District Cooling Services market holds great potential- worldwide and in the Middle East specifically. We believe that DCS will significantly contribute in achieving the objectives of Dubai Energy Strategy 2050”, said Bin Shafar.
A successful promotional campaign aimed at saving energy – ’Saving starts at 24 degrees celsius’ – was also launched during the year, helping to save 8.9 percent of energy used in district cooling.
Empower now operates and maintains 69 district cooling plants in various developments in Dubai. The number of buildings using Empower’s cooling services in 2016 increased to 920 in comparison to 810 in 2015.
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