Empower achieves a net profit of AED 641 million in 2016
Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, recorded a net profit of AED 641 million for 2016. Total revenues for the year reached AED 1.84 billion, which indicates an 11% increase for the company year on year.
HE Ahmad Bin Shafar, CEO of Empower revealed the financial results in a press conference held on Sunday, 19th February at Grand Hyatt Hotel, Dubai.
At the press conference, H.E Bin Shafar stated that Empower is targeting a similar growth during the current year. He also stressed the importance of the human capital, which has been a significant element in defining Empower’s success.
“2016 marks another milestone for Empower. Inspired by the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, we at Empower witnessed a steady growth in our business in 2016. During the year 2016, Empower commenced its services to various iconic and prestigious developments such as – Jumeirah Al Naseem Hotel, IMG Worlds of Adventure, Damac Paramount Towers, Prospect Heights, etc. Empower also signed a Master Development Agreement with Nakheel to serve its Jumeirah Village South (JVS) development. This is a large-scale development that includes Jumeirah Village Triangle and Jumeirah Village Circle and will require a total capacity of 260,000 RT. Empower is currently working towards delivering the first phase of approximately 30,000 RT to JVS project which will commence its services during the year 2017.
Empower has also commenced the operations of its 3rd District Cooling Plant in Business Bay to meet the growing requirements of the development. With these 3 plants, Empower is serving more than 100 buildings in the development, including Al Habtoor City. This plant in Business Bay has 2 large TES (Thermal Energy Storage) tanks which enables us to produce and store chilled water during off-peak hours.
“The financial result of 2016 is a testament of Empower’s continued efforts in effectively managing and executing projects. Over the years, Empower has established its position as the world’s largest district cooling services provider and our qualitative approach and commitment to excellence have helped us to work on massive developmental projects across the emirate of Dubai. As an organisation, we embarked on a new journey working across some of the already existing and prestigious projects by retrofitting their systems and ensuring delivery of efficient cooling services that saves energy,” said HE Bin Shafar.
“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 HE Bin Shafar.
At the end of 2016, Empower had more than 65,000 clients and we strongly believe that we need to continuously strive towards improving our service standards to ensure our clients’ happiness and strengthen the company’s leading position in the market. We had carried out a customer satisfaction survey during the year 2016 and we were extremely happy to see its results and its comparison with utilities worldwide.
The company operates and maintains 69 district cooling plants in various developments of the Emirate of Dubai. In addition, the number of buildings using Empower’s cooling services in 2016 increased to 920 in comparison to 810 in 2015. While Empower continued its journey of success, the company also ensured that it played a vital role in promoting awareness and undertaking initiatives that serve its objectives i.e. raising awareness about the importance of saving energy, preserving natural resources, promoting green economy, etc. One of these initiatives was ’Saving starts at 24 degrees celsius’ which was organised in summer of 2016 to encourage customers to save energy. The campaign witnessed great success and helped to save 8.9 per cent of energy used in district cooling.
Organising and participating in social and national initiatives
Besides the above, Empower was also a part of various social and national activities in line with its strategy to spread Happiness across the country. Empower organised a series of blood donation campaigns which witnessed a great success among its employees. The company also signed sports sponsorship agreements to support the youth of the UAE and participated in humanitarian activities as well as environmental campaigns for a clean and green future.
In the current year, we expect to continue adding new projects and customers. The strong and healthy economic environment of Dubai reinforces the growth of Empower on the coming years.
Empower currently operates 1.250 Million RT, providing environmentally friendly district cooling services to large-scale real estate developments such as Jumeirah Group, Business Bay, Jumeirah Beach Residence, Dubai International Financial Centre, Palm Jumeirah, Jumeirah Lake Towers, Ibn Battuta Mall, Discovery Gardens, Dubai Healthcare City, Dubai World trade Centre Residences, Dubai Design District, among others.
