Emirates Central Cooling Systems Corporation PJSC – Empower, the world’s largest district cooling services provider, announced its financial results for the first quarter of 2025.
Dubai, UAE – May 9, 2025 – Emirates Central Cooling Systems Corporation PJSC (Empower), the world’s leading provider of district cooling services, has announced its financial performance for the first quarter of 2025, showcasing steady growth and operational expansion.
Empower posted a total revenue of AED 540 million for Q1 2025, reflecting a modest 0.4% increase compared to Q1 2024. The company also recorded an EBITDA of AED 297 million, alongside a pre-tax net profit of AED 159 million and a net profit after tax of AED 145 million for the period ending March 31, 2025.
Strategic Expansion Drives Results
Ahmad Bin Shafar, CEO of Empower, stated that the consistent growth in the first quarter stems from the company’s strategic expansion efforts in vital projects, combined with its ability to enhance the value of its growing operations in the district cooling sector.
“We have consistently added a growing number of real estate developments from diverse sectors into our portfolio, leading to an increased demand for our environmentally conscious cooling services,” he explained. “Our solutions are now the preferred choice among property developers and end-users alike.”
He emphasized that Empower is steadfast in its commitment to expanding its asset infrastructure—comprising plants and distribution networks—to meet rising market demand and fortify its market leadership, with a long-term vision for sustainable returns.
Reinforcing Global Leadership
Bin Shafar further highlighted that the company’s strong financial performance reinforces its global position as a leader in district cooling. The results reflect Empower’s capacity to meet growing demand with exceptional service quality, supported by high operational efficiency and a resilient asset base.
He added that the company’s efforts to tap into the momentum of Dubai’s real estate boom and broader economic growth—coupled with ongoing investments in infrastructure and asset expansion—have been pivotal in generating increased shareholder value and sustainable returns.
Full-Year Financial Performance
According to Empower’s financial disclosures, the company achieved AED 3.26 billion in consolidated revenue from April 2024 to March 2025, up from AED 3.08 billion in the previous year—a 6% year-on-year increase. The EBITDA for the 12-month period also rose to AED 1.53 billion, compared to AED 1.49 billion, marking 3.3% growth.
In March 2025, during its Annual General Meeting (AGM), which recorded an 89.9% quorum, Empower shareholders approved the board’s proposal to distribute cash dividends for H2 2024. The dividend totaled AED 437.5 million, equating to 4.375 fils per share, representing 43.75% of the company’s paid-up capital.
Strong Q1 Operational Growth
Q1 2025 saw Empower signing 46 new contracts to supply more than 43,000 refrigeration tons (RT) to new developments and buildings throughout Dubai. As a result, the company’s total contracted capacity exceeded 1.81 million RT, while connected capacity surpassed 1.58 million RT, following an addition of 15,000 RT in Q1 alone. This indicates a rising interest from developers in sustainable district cooling.
During this period, Empower also expanded its footprint in Dubai, finalizing agreements to supply major developments with its eco-friendly services. Notable deals include a partnership with Wasl Group to provide 23,853 RT for The Island Resort—scheduled for service initiation in Q1 2028—and a contract with Dubai Multi Commodities Centre (DMCC) to support the next phase of Uptown Dubai with 24,675 RT.
Furthermore, Empower entered into an agreement to deliver 9,470 RT for the Palm Gateway project on Palm Jumeirah, with services expected to launch in Q2 2026.
Enhancing Customer Base and Digital Reach
In Q1 2025, Empower added 19 new buildings to its portfolio and saw a 22% increase in verified online registrations from both public and private sector clients, compared to the same period last year.
The company also processed 224,886 online bill payment transactions, a 7% year-on-year increase, in partnership with strategic stakeholders including banks and financial institutions. Additionally, 11,116 No-Objection Certificates (NOCs) were approved during Q1 2025—marking an 8% rise from the previous year.
Global Recognition and Industry Engagement
Empower took part in the IDEA Campus Energy 2025 Conference held in Boston, USA, from February 3 to 6. Organized by the International District Energy Association (IDEA), the conference welcomed over 1,000 industry professionals globally. On the sidelines, Ahmad Bin Shafar met with IDEA President and CEO Rob Thornton to discuss Dubai’s preparations to host the District Cooling Conference 2025—the fourth time the city will host this prestigious event.
In a notable achievement, Ahmad Bin Shafar was included in the ‘Dubai 100’ list by Arabian Business, recognizing the most influential figures shaping Dubai’s future across business, technology, government, and culture. The honor reflects his significant role in promoting sustainability and elevating Dubai’s global position as a center of innovation and excellence.
