Post by : Badri Ariffin

The Emirates Central Cooling Systems Corporation PJSC (Empower), recognized as the leading district cooling provider globally and listed on the Dubai Financial Market (DFM: EMPOWER), has unveiled impressive financial outcomes for Q1 2026, showcasing robust demand for its services within Dubai.

The company reported revenues hitting AED 631 million in the first quarter of 2026, a 16.8% growth compared to the previous year. Empower’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached AED 358 million, with a pre-tax net profit marking AED 229 million.

Following a solid performance, net profit after tax reached AED 208 million for the quarter ending March 31, 2026, representing a significant increase of 44% from Q1 2025.

H.E. Ahmad Bin Shafar, CEO of Empower, attributed this strong performance to the efficacy of its business model alongside strategic expansion driven by heightened demand for energy-efficient cooling solutions within Dubai.

The revenue upturn and profit rise stemmed from enhanced cooling capacity and lower operational expenses. Bin Shafar noted that the company is committed to supporting Dubai’s aspirations of becoming a global leader in sustainable urban development through innovative infrastructure and eco-friendly energy solutions.

Business Growth and Strategic Expansion

Empower’s financial records indicate consolidated revenue of AED 3.51 billion from April 2025 to March 2026, marking a 7.6% increase from AED 3.26 billion recorded during the previous year.

The EBITDA for this period was AED 1.71 billion, an 11.7% rise from AED 1.53 billion.

In Q1 2026, Empower secured 28 new contracts, increasing its cooling capacity by 35,662 refrigeration tons (RT) for various projects across Dubai, resulting in a total contracted capacity of 1.98 million RT.

Moreover, a significant agreement was signed with Meraas for providing district cooling services to the City Walk Phase 3 and Verve projects, a collaboration achieving a cooling capacity of 17,500 RT.

The company augmented its connected load by 33,500 RT in the quarter and expanded its customer base to nearly 160,000 clients across 1,776 buildings in the Dubai region.

Newly connected projects include Sobha Creek Vista Heights, Verde by Sobha, and Binghatti Elite among others.

Upcoming District Cooling Facility in Business Bay

In line with its expansion goals, Empower has contracted to design its fifth district cooling plant situated in Business Bay, Dubai.

This facility is expected to commence construction in Q4 2026, boasting a cooling capacity of 44,000 RT once operational.

Additionally, noteworthy developments occurred this quarter when Dubai Electricity and Water Authority (DEWA) upped its ownership stake in Empower to 80%.

Cash Dividend Announcement

Empower’s Annual General Meeting in March 2026 validated the Board of Directors’ recommendation to distribute cash dividends totaling AED 437.5 million for the latter half of 2025.

This dividend equates to 4.375 fils per share, which consists of 43.75% of the paid-up capital.

Global Collaborations and International Events

Throughout the quarter, Empower bolstered its global presence by participating in significant energy and sustainability gatherings.

The company joined the United Nations Environment Programme (UNEP) Cool Coalition meeting during Abu Dhabi Sustainability Week, focusing on the expansion and promotion of district cooling solutions worldwide.

Moreover, Empower was present at the ASHRAE Winter Conference and Exhibition 2026, where company representatives engaged in discussions about joint research in next-gen district cooling systems and global standards development.

Empower also served as a Diamond Sponsor for the IDEA Campus Energy Conference 2026 for the third consecutive year, reinforcing its dedication to sustainable energy solutions and urban development.

Recognition from Forbes

During Q1 2026, Empower earned a prestigious spot among Forbes Middle East’s 100 Most Valuable Companies 2026, based on market capitalisation.

This accolade highlights Empower’s impressive financial trajectory, stable growth, and ongoing commitment to advanced technologies and sustainability initiatives.

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