DUBAI / WAM
Emirates Central Cooling Systems Corporation (Empower), has recorded a net profit of AED516 million for fiscal year ended December 2015, representing an impressive 27% increase over 2014. Total revenues for the year reached AED 1.66 billion, a 12% increase YoY.
“Empower achieved an annual increase of 6.7% in its cooling capacity, to pass it over 1,115,000 Refrigeration Tons (RT) in 2015. Moreover, the company boosted its production and commissioned new plants,” said Ahmad Bin Shafar, CEO of Empower, at a press conference on Tuesday, pointing out that the company also increased its workforce by 13% in the same year.
He added, “The district cooling industry achieved significant growth in 2015 not only in the UAE but also internationally. Many countries are now more determined to adopt district cooling, thus reducing their dependence on conventional cooling systems. It is a matter of pride for UAE to be at the forefront of countries that deployed district cooling technologies since a long time.”
Empower follows 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.
“Empower has wrapped up 2015 with series of achievements that have established its position as the world’s largest district cooling services provider. These achievements included expansion of business operations, enhancement of its global contribution to the district cooling sector, conclusion of a series of new deals and agreements, increase in community support, better employee satisfaction and happiness, and a qualitative shift in the reduction of environmental impact,” said Bin Shafar.
“In line with the directives of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, on the importance of preserving our natural resources and strengthen Dubai’s position as a global hub in green economy and renewable energy on the basis of Green Economy for Sustainable Development, Empower has made significant efforts to promote district cooling as an alternative to conventional cooling systems that deplete natural resources of oil and water and has harmful environmental and economical impacts. The development of Empower derives from the qualitative progress of the UAE, which has become a role model in sustainable development. The UAE is one of few in the world that took the initiative to think about conservation of natural resources since long time,” he added.
“We participated in many international and local events, also supervised and supported several community events in the educational, health and awareness, economic and other fields. We look forward to a new phase of success in 2016, to reinforce our leadership position on the map of district cooling companies in the world,” concluded Bin