Empower Reports 44% Profit Surge for Q1 2026 Amid Expansion Efforts

The Emirates Central Cooling Systems Corporation PJSC (Empower), the leading provider of district cooling services globally and listed on the Dubai Financial Market (DFM: EMPOWER), revealed impressive financial results for the first quarter of 2026, driven by heightened demand for efficient cooling solutions across Dubai.

Total revenue reached AED 631 million during this period, showing a significant increase of 16.8% compared to Q1 2025. Empower's EBITDA was reported at AED 358 million, and the pre-tax net profit amounted to AED 229 million.

The net profit after tax for the quarter ending March 31, 2026, stood at AED 208 million, reflecting a substantial 44% growth compared to the same quarter last year.

CEO H.E. Ahmad Bin Shafar remarked that this stellar performance underscores the robustness of Empower's business model, its strategic growth plans, and the increasing demand for sustainable cooling solutions in Dubai.

He elaborated that the uplift in revenue and profits was primarily driven by increased cooling capacity and reduced operational expenses. Empower continually reinforces Dubai’s ambition to be a pioneer in sustainable urban living through advanced infrastructure and eco-friendly energy solutions.

Growth Trends and Contract Developments

In its financial statements, Empower reported consolidated revenue of AED 3.51 billion for the year ending March 2026, compared to AED 3.26 billion the previous year, signifying a 7.6% growth rate.

The EBITDA for the same period increased to AED 1.71 billion, up from AED 1.53 billion, marking an 11.7% rise.

In Q1 2026, Empower successfully signed 28 new contracts to provide 35,662 refrigeration tons (RT) of cooling capacity for various projects across Dubai, culminating in a total contracted capacity of 1.98 million RT.

A notable deal with Meraas for district cooling services to City Walk Phase 3 and Verve projects was also announced, delivering a combined cooling capacity of 17,500 RT.

Additionally, the total connected load went up by 33,500 RT during the quarter, expanding Empower's customer base to nearly 160,000 individuals across 1,776 buildings within Dubai.

New projects connected included developments such as Sobha Creek Vista Heights, Verde by Sobha, and Binghatti Elite.

Expansion with New Cooling Plant

Looking ahead, Empower has contracted for the design of its fifth district cooling facility in Business Bay, Dubai, with construction anticipated to commence in Q4 2026. This plant will boast a cooling capacity of approximately 44,000 RT upon completion.

A significant shift in ownership was noted during the quarter with the Dubai Electricity and Water Authority (DEWA) enhancing its ownership stake in Empower to 80%.

Dividend Announcement

In March 2026, Empower's Annual General Meeting sanctioned the Board of Directors' recommendation to distribute cash dividends totalling AED 437.5 million for the latter half of 2025, equating to 4.375 fils per share, which represents 43.75% of the company's paid-up capital.

International Outreach and Recognition

During this quarter, Empower bolstered its international footprint by attending significant global energy and sustainability forums.

Participation included the United Nations Environment Programme (UNEP) Cool Coalition meeting at Abu Dhabi Sustainability Week, centering on the proliferation of district cooling solutions worldwide.

Moreover, the company was present at the ASHRAE Winter Conference and Exhibition 2026, focusing on collaborative research initiatives for next-generation district cooling systems and global standardizations.

Empower also sponsored the IDEA Campus Energy Conference 2026 as a Diamond Sponsor for the third year in a row, emphasizing its commitment to sustainability and urban energy efficiency.

Forbes Recognition

In the first quarter of 2026, Empower earned a noteworthy position among Forbes Middle East's 100 Most Valuable Companies 2026 based on market capitalization, highlighting the company's strong financial results, consistent growth, and ongoing investment in innovative technologies and sustainable practices.