Empower, the district cooling provider, reports nine-month revenue of AED 2.71 billion and net profit of AED 762 million, with 94 new agreements signed.
Emirates Central Cooling Systems Corporation PJSC (DFM: EMPOWER), the district cooling provider, said on Thursday its net profit after tax for the nine months to September 30 rose 10.6% to AED 762 million on revenue of AED 2.71 billion.
Revenue grew 4.6% from AED 2,586.3 million in the same period of 2025 to AED 2,705.9 million, according to the company’s results.
Net profit attributable to shareholders increased to AED 756 million from AED 681 million a year earlier.
EBITDA rose 5.4% to AED 1,232.7 million from AED 1,169.0 million, while profit before tax climbed 10.6% to AED 837.6 million from AED 757.2 million.
Operating cash flow was up 8.0% at AED 1,415.3 million, against AED 1,310.3 million in the first nine months of 2025.
In the third quarter alone, revenue increased 4.7% year on year to AED 1.19 billion. EBITDA reached about AED 459 million, up 2.1%.
Third-quarter net profit after tax rose 2.7% to AED 294 million. The company said the quarter reflected growth in its connected customer base alongside the seasonal pattern of district cooling demand.
On a last-twelve-month basis to September, revenue was AED 3.54 billion and EBITDA AED 1.71 billion, up about 4.2% and 7.2% respectively on the preceding twelve months.
Contracted capacity reached 2.06 million refrigeration tons (RT) at the end of September, an increase of about 110,000 RT since December 2025.
Connected capacity, the cooling already supplied to buildings on the network, rose by about 84,000 RT over the same period to 1.74 million RT.
Empower signed 94 new agreements within its existing concessions in the first nine months. The company said these underpin future connections and recurring revenue.
It also signed an agreement with Meraas Estates to provide 15,200 RT to City Walk Phase 3.
In the third quarter it signed with Binghatti Developers for the Mercedes-Benz Places, Binghatti City development in Meydan, with planned capacity of 37,000 RT.
Chief executive H.E. Ahmad Bin Shafar said the company remained focused on “reliable service delivery, operational efficiency and disciplined capital allocation”, while supporting Dubai’s energy-efficiency ambitions.
Cash and cash equivalents stood at AED 2.84 billion at September 30. Net debt was about AED 2.66 billion, or 1.6 times last-twelve-month EBITDA.
Empower paid AED 875 million in cash dividends during calendar 2026. That was AED 437.5 million in April for the financial year 2025 and AED 437.5 million in October for the first half of 2026, each at AED 0.04375 per share.
The company said its sustainability recognition in the period included the SEAL Business Sustainability Award 2026 in the Sustainable Service category and LEED Gold certification for its Jumeirah Beach Hills district cooling plant.
Separately, Forbes Middle East named Bin Shafar among its Sustainability Leaders in the Energy and Utilities sector, the company said on Monday, October 26.
Empower said it would concentrate on converting contracted capacity into operational connections as new projects are completed within its concession areas.
