March 2nd, 2011
Bin Shafar: “Our financial status and world class caliber allow us to enter other parts of the Middle East”
Dubai, UAE, 1st March, 2011: Empower, the largest district cooling service provider in the region, has recorded revenues of AED 477 million for fiscal year ended December 2010, representing an impressive 31 increase over 2009.
Ahmed Bin Shafar, CEO of Empower, said: “Empower follows an innovative business model of diversifying its client base and adopting best practices in managing our operations through 34 percent to cope with the growth in operations.”
At a media roundtable hosted by Empower, Bin Shafar emphasized that the company has achieved growth because awareness is higher in the importance of district cooling as an alternative to conventional cooling in the UAE.
He pointed out that the low usage of district cooling across the Middle East present an ideal business opportunity for district cooling companies to enter these emerging markets. Bin Shafar said that the healthy financial status of Empower allows it to go to other parts of the Middle East.
“Empower stands at the forefront of district cooling companies in the region. We have the right caliber and world class infrastructure to lead this industry in the Middle East. We adopt a well rounded strategy to preserve natural resources in the UAE and disseminate district cooling technology through community outreach programmes, specifically tailored to our customer base,” Bin Shafar added.
EMPOWER has been growing steadily as part of its plans to position itself as a major player in the global front.
Empower has achieved a remarkable increase of 36% in its operations, with over 330 Refrigeration Tons (RT) capacity generating stable stream of revenues and cash flows that will enable the company to expand externally.
This announcement of 2010 revenues demonstrates the robustness and sustainability of Empower’s business model and the confidence of the international and local banks and financial institutions in the company’s leading position in the Middle East.
The company’s announcement comes at a time when Empower is witnessing a tremendous raise in the number of plants and is expanding its operations to respond to the huge demand for district cooling as an alternative solution to the conventional air conditioning systems in the UAE.
Talking about merger at the roundtable, Bin Shafar added: “Being the largest District cooling company in the Middle East, we lead the district cooling industry in the region and we think that consolidation is the way forward in the district cooling industry in the UAE.”
Bin Shafar added: “Empower is looking at new industries including recycling water, producing meters machines for district cooling, manufacturing items used in plants as well as chemicals used in district cooling.