Emirates Central Cooling Systems Corporation PJSC

Emirates Central Cooling Systems Corporation PJSC (Empower) has invited its shareholders to the annual general meeting on March 27, 2024. The agenda includes approving the appointment of the Secretary of the meeting and Dubai Financial Market as votes collector, the Board of Directors' report, the external auditor's report, and the consolidated financial statements for 2023. The board will also consider approving the interim cash dividend of AED 425,000,000 for both halves of 2023 and the company's dividend policy. The board's remuneration for 2023, discharging the board members and external auditors from liability for 2023, and variation in audit fees will also be considered. Finally, the appointment of the external auditors for 2024 will be discussed. Shareholders can register and vote electronically and may delegate a proxy to attend the meeting on their behalf. The quorum for the meeting is 50% of the company's share capital.

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, has reaffirmed its commitment to the Emiratisation process, aiming to increase the contribution of Emirati talents within the company. This aligns with the company's strategy to attract national talent in various fields including management, production, distribution, development, and applied research. As of December 2023, Emirati employees constituted over 15% of Empower's workforce, with a gender distribution of 45% women and 55% men. The company aims to maintain gender balance and plans to further increase the number of male and female employees in the district cooling sector. Empower's CEO, His Excellency Ahmad bin Shafar, emphasized the company's commitment to Emiratisation and attracting qualified Emirati expertise.

The International District Energy Association (IDEA) has honored Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, for its contributions to the advancement of district cooling technologies in the Middle East and globally. The recognition was awarded during the 'IDEA Campus Energy 2024' conference in San Francisco. The event celebrated the 20-year partnership between IDEA and Empower, acknowledging their efforts in promoting innovation, sustainability, and efficiency in the district cooling industry. Empower's CEO, Ahmad Bin Shafar, was also recognized for his efforts to strengthen the company's position in the global district cooling industry.

The Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, is participating in the International District Energy Association (IDEA) Campus Energy 2024 conference in San Francisco, USA. The delegation, led by Empower CEO Ahmad Bin Shafar, will also attend an IDEA board meeting, signifying Bin Shafar's role as a board member and the first Arab representative. The delegation will tour Stanford University's District Energy Facility to explore technologies that reduce carbon emissions. Empower's participation and sponsorship of the conference aligns with its commitment to environmental conservation and its leadership in the global district cooling industry. The event also allows Empower to showcase the UAE's efforts in addressing energy and climate change challenges.

Emirates Central Cooling Systems Corporation (Empower) reported record revenue of AED 3.035 billion for 2023, marking an 8.7% growth from 2022. The company also recorded a net profit of AED 960 million for the year and proposed a final dividend of AED 425 million to be paid by April 2024. Empower's revenue and EBITDA grew by 8.7% and 6.2% respectively, and the pro forma Net Profit grew by 6.1% to AED 1,083 million. The number of buildings served by Empower's district cooling services reached 1,522, and the total length of the cooling pipeline network exceeded 398 kilometers. The company paid a cash dividend of AED 850 million in 2023 and expects to pay a sustainable dividend in line with business growth.

The document is a directors' report and consolidated financial statements of the Emirates Central Cooling Systems Corporation P.J.S.C for the fiscal year ending on 31 December 2023. The report provides an overview of the company's financial performance and operations during the said period.