Empower Reports 44% Surge in Q1 2026 Profits Amid Robust Expansion

Post by : Bianca Suleiman

Emirates Central Cooling Systems Corporation PJSC, known as Empower, has reported remarkable financial growth for Q1 2026. This is largely attributed to a surge in demand for district cooling solutions throughout Dubai, as per their latest announcement on the Dubai Financial Market (DFM: EMPOWER).

For the quarter, Empower posted total revenues of AED 631 million, indicating a substantial 16.8% increase from the corresponding quarter in 2025. The company achieved an EBITDA of AED 358 million, along with a pre-tax profit amounting to AED 229 million.

After accounting for taxes, the net profit stood at AED 208 million, which is an impressive 44% uptick compared to Q1 2025.

H.E. Ahmad Bin Shafar, CEO of Empower, attributed this robust performance to the company's effective business model and strategic growth initiatives, alongside an increasing demand for energy-efficient cooling technologies in Dubai.

He emphasized that the revenue and profit growth stemmed from added cooling capacities and reduced operating costs. Empower remains committed to supporting Dubai's aspiration to become a global leader in sustainable urban development through innovative infrastructure and eco-friendly energy solutions.

Notable Growth and Future Prospects

Empower's comprehensive financial analysis indicates a total consolidated revenue of AED 3.51 billion for the period from April 2025 to March 2026, reflecting a 7.6% increase from AED 3.26 billion in the prior twelve-month period.

The EBITDA for this timeframe reached AED 1.71 billion, a growth rate of 11.7% compared to the previous year.

During the opening quarter of 2026, the company secured 28 new contracts that provisioned a total of 35,662 refrigeration tons (RT) of cooling capacity for various developments across Dubai. This propelled Empower's total contracted capacity to 1.98 million RT.

Significantly, Empower inked a prominent agreement with Meraas, committing to deliver district cooling services for City Walk Phase 3 and Verve building projects with a total cooling capacity of 17,500 RT.

Furthermore, Empower connected an additional 33,500 RT to its existing network, expanding its customer base to around 160,000 across 1,776 structures in Dubai, including projects such as Sobha Creek Vista Heights and Verde by Sobha.

Expansion Plans in Business Bay

To continue its expansion strategy, Empower has appointed a contractor for its fifth district cooling plant located in Business Bay, with construction set to begin in the fourth quarter of 2026. This facility aims to provide an estimated cooling capacity of 44,000 RT.

Additionally, a significant corporate shift occurred, as the Dubai Electricity and Water Authority (DEWA) has increased its equity stake in Empower to 80%.

Dividend Declaration Approved

In a recent Annual General Meeting held in March 2026, Empower's Board of Directors' recommendation to distribute cash dividends amounting to AED 437.5 million for the latter half of 2025 was officially approved. This equates to a payout of 4.375 fils per share, representing 43.75% of the company's paid-up capital.

Global Engagement and Recognition

During the first quarter, Empower bolstered its international presence by attending key global energy and sustainability conferences. This includes the UNEP Cool Coalition meeting during Abu Dhabi Sustainability Week, where significant discussions regarding global district cooling initiatives were held.

Empower also featured at the ASHRAE Winter Conference and Exhibition 2026, where participants explored collaborative research into advanced district cooling systems, as well as standards for global applications.

In addition, Empower served as a Diamond Sponsor at the IDEA Campus Energy Conference 2026 for the third consecutive year, reinforcing its commitment to sustainable energy practices and energy-efficient urban infrastructures.

Acknowledgment from Forbes

In Q1 2026, Empower gained recognition as one of Forbes Middle East’s 100 Most Valuable Companies of 2026 based on market capitalization, an accolade symbolizing the firm's steady financial health and ongoing investments in cutting-edge technologies and sustainable growth initiatives.

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