Empower reveals AED 901 million net profit in 2020
According to Empower, performance in a nutshell
- Total cooling capacity crossed 1,640,000 RT, maintaining the position of the largest district cooling provider in the world
- Over 140,000 customers
- Total energy saving AED 3.4 billion in 2020
- A total of 350.474 kilometres of district cooling networks
DUBAI, UAE, 20 January 2020: Emirates Central Cooling Systems Corporation (Empower) reported a net profit of AED 901 million, with a total revenue of AED 2.26 billion in 2020. Making the announcement through a Press release, Empower said its revenues grew by three per cent, with a net profit increase of 3.4% year-over-year (YoY). Empower added that the performance has been commendable, given the difficult economic conditions resulting from the global pandemic.
Commenting on Empower’s financial results at the annual press conference, Ahmad Bin Shafar, CEO, Empower, said: “2020 has been another successful year for Empower, with growth in its financial as well as operational performance, which is clearly evident from increase in revenues and net profit, additions in the number of district cooling plants, expansion of district cooling pipeline network, increase in customer base and the number of buildings connected with our district cooling services.”
According to Empower, the number of buildings it provides with its district cooling services exceeded 1,252, and the customer base has reached more than 140,000. The total cooling capacity has reached 1,640,000 Refrigeration Tons (RT) during 2020 that covered various projects, such as Deira Waterfront, Blue Waters, Jumeirah Group, Jumeirah Beach Residence, Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Jumeirah Lake Towers, Palm Jumeirah, Discovery Gardens, Ibn Battuta Mall, Dubai Design District and International Media Production Zone, amongst others, the utility said.
“Empower has also saved a total of 1,312 MW of electricity worth AED 3.4 billion, as of the end of 2020,” Bin Shafar said.
On the sidelines of the press conference, Bin Shafar also said: “We are proud of our achievements in terms of increased number of district cooling plants that has reached 84 plants across Dubai, including the world’s first unmanned district cooling plant in Jumeirah Village Circle project, along with having the largest district cooling network.
“Empower is committed towards efficient utilization of energy resources and supporting its customers and real estate developers, by providing high-quality and eco-friendly district cooling services.”
Bin Shafar also stated that Empower had reduced its fuel surcharge rates by approximately 25%, effective December 1, 2020, in line with the initiative of the Dubai’s Supreme Council of Energy.
He added: “We will continue our endeavors in 2021 to increase the number of district cooling plants and expand our district cooling network across Dubai.”
Government initiative to boost recovery will drive green economy, says Graded Spa
Dubai, UAE, 11 January 2021: The governments in the Middle East region are taking the appropriate measures towards boosting economic recovery following COVID-19, said Giuseppe Gregorini, representative of Graded Spa, an energy solutions provider headquartered in Italy. Gregorini said that in the current development model, governments in the region are boosting public investments in strategic areas, such as economic sectors that add significant value to the economy, the green and innovative economy and inclusive human capital and infrastructure that contribute to greater productivity.
Gregorini said, “Investments may look to phase out fossil fuel subsidies, strengthening the water, food and energy nexus, building the resilience of communities. Public policies and financial decisions may more consciously take account of exposure to climate risks and seek to preserve the region’s natural capital.” He emphasised that the newly created themes serve as fertile ground for the expansion of HVAC technologies and products, which the company has specialised in. “In this historical moment, the collaboration with university research institutes of excellence in the UAE is very important, both for expansion opportunities and for entry into the sector at the forefront of technology,” he said, adding that this will be reflected in the highly anticipated World Expo, scheduled to take place in Dubai in 2021.
Gregorini said that Graded continues to view the UAE as a crucial part of the company’s expansion plans with a focus on renewable energy. “Innovation and new technologies are key in order to keep pace with a market that is expanding at a level that the UAE is,” he said. “To develop these projects, we make use of partnerships with Italian universities and, above all, with research institutes and universities in the UAE, particularly in Dubai and Abu Dhabi.” He said that in addition to renewable energy, Graded intends to promote the development and growth of geothermal energy through its GeoGrid Project, which aims to reduce costs and consumption and is tailored to the Emirates.