Page 105 - SOBHA REALTY PR REPORT NOVEMBER 2023

11/6/23, 2:07 PM WAM - Empower records AED2.27 bn revenue for first nine months of 2023

Empower records AED2.27 bn revenue for

first nine months of 2023

 Friday, November 3, 2023 8:02 PM • 4 minutes Reading

DUBAI, 3rd November, 2023 (WAM) -- Emirates Central

Cooling Systems Corporation PJSC announced today its

consolidated financial results for the third quarter of the

current fiscal year, with EBITDA of AED1.07 billion and a

total revenue of AED 2.27 billion for a period of nine months

ending on September 30, 2023.

For the last twelve months, Empower’s consolidated revenue

was AED2.99 billion (Oct-22 to Sep-23) compared to AED

2.73 billion (Oct-21 to Sep-22), showing an impressive

growth of 9.5%. The EBITDA for the period was AED 1.45

billion (Oct-22 to Sep-23) compared to AED 1.32 billion (Oct-

21 to Sep-22), with a growth of 9.5%.

For nine months period ending on September 30, 2023,

Empower’s revenue and EBITDA grew by 9.5% and 7.5%

respectively. For the same period, Empower’s pro forma Net

Profit grew by 6.1% to AED 777 million. This pro forma Net

Profit comparison adjusts for pre IPO leverage to show

comparable quarterly performance. On an absolute basis,

Empower reported a net profit of AED 685 million for the

nine-month period ending September 2023.

Empower paid cash dividend of AED 425 million for the first

half of the current year 2023 in October 2023. This

distribution marks the fulfillment of Empower's commitment to

pay dividends to its shareholders twice a year, with a

cumulative value of AED 850 million per annum during the

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