EMPOWER NEWS

Empowers net profit climbed 17 percent to reach AED 190 mn in fiscal year 2012

February 28th, 2013

Empower, the leading district cooling services provider in the region, recorded a net profit of Dhs 190 mn for fiscal year ended December 2012, representing an impressive 17% increase over 2011.The company's total revenues reached Dhs 701mn, an increase of 5% over previous year.
This was announced at a press conference held yesterday, (Wednesday 27 February, 2012) in Grand Hyatt in Dubai.

Ahmed Bin Shafar, CEO of Empower, said: “Empower achieved an annual increase of 8% in its cooling capacity, with over 400,000 Refrigeration Tons (RT) in 2012. The company boosted its production and commissioned new plants as well as launched new customer service and call centers in 2012. It also reinforced its commitment towards the environment by maximizing the usage of treated water for district cooling, instead of normal water.”

Bin Shafar pointed out that the company increased its workforce by 9% in 2012. Bin Shafar added: “The district cooling industry achieved significant growth in the UAE and GCC in 2012, and GCC governments are now more determined to adopt it, thus reducing their dependence on conventional cooling systems.”

In 2012, Empower settled loans amounting to AED 235 mn as per the agreed schedules which demonstrate the robustness and sustainability of Empower’s business model and effectiveness of its financial strategy.

 Empower has adopted a business model that works on the strategy of investing in plants and network infrastructure driven by actual demand in specific projects. This has resulted in sustainable growth of the company and avoided unproductive investments.

During the last year, Empower invested in enhancing its infrastructure in a number of real estate projects, including Business Bay, TECOM Site C, DHCC Phase 2 and Mirdiff.

Bin Shafar revealed at the press conference that Empower’s strategy was to focus in the UAE market before expanding its footprint to other regional markets. He added: “We are open to transfer our know-how and technology to other peers in the region. We have got inquiries for potential joint ventures in many markets and we would like to do this at the right time.”
He added that the district cooling industry is facing many challenges in its development in the region, such as the lack of skills and capabilities as well as poor marketing caliber. These need to be addressed in order to move the industry forward and raise the bar on standards.”

Empower is celebrating its tenth anniversary this year.  Since its establishment, it has succeeded in building an advanced district cooling infrastructure with global standards, which has paved the way for the advancement of district cooling industry as a whole in the region.

He added that the regional district cooling industry is growing with the UAE staying in the forefront. He anticipated a bigger role for the UAE in developing this industry globally, following the country’s patronage of the publication of the first global District Cooling and Heating Design Manual which serves as reference point for district cooling and heating design worldwide.


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