The Annual General Meeting (AGM) of the Emirates Central Cooling Systems Corporation PJSC (Empower), in a meeting convened with a quorum of 90.4 percent of the company's paid-up share capital, has approved its Board of Directors’ proposal to distribute cash dividends of AED425 million (AED 0.0425 per share equivalent to 42.5 percent of the company's paid-up capital) to shareholders for the second half of the year 2023.

Saeed Mohammed Al Tayer, Chairman of Empower, chaired the AGM that took place today at Habtoor Palace, Dubai and was attended by Ahmad bin Shafar, Chief Executive Officer, and members of the Board of Directors of Empower. The meeting reviewed the company’s performance and approved the financial statements and the auditor’s report for the financial year ending December 31, 2023. The company's shareholders also approved the other agenda items presented at the AGM.

Empower, listed on the Dubai Financial Market, achieved its highest-ever revenue of AED3.035 billion and net profit of AED960 million during the year ended December 31, 2023.

The above dividend distribution is in alignment with the company’s dividend distribution policy, shared with investors. The company expects to pay a minimum dividend amount of AED 850 million per annum in the first two fiscal years following its listing on the DFM. Empower paid the dividend for the first half of the year 2023 in October.

Saeed Mohammed Al Tayer, Chairman of Empower, said that Empower, as a global leading district cooling services provider, is committed to achieving sustainable returns and rewarding profits for shareholders through thoughtful expansion in the local market, increasing the scope of its services to customers, and enhancing its operational efficiencies. “Empower continues to play a pioneering role in providing environmentally friendly district cooling services in Dubai and contributing to preserving resources, environment, and combating climate change by leveraging state-of-the-art infrastructure, new generation district cooling plants, and its outstanding performance in energy efficiency,” he added.

Ahmad bin Shafar, CEO of Empower, said, “The trust of our various stakeholders has driven the company’s performance, and we are confident of achieving greater results in the coming years with a focus on increasing our market share within the UAE.”

Bin Shafar praised the positive interaction of shareholders with Empower and stressed that the company will continue its deliberate plans to maintain its outstanding performance.