Empower Sees 44% Surge in Q1 2026 Profits Amid Expansion Efforts

Emirates Central Cooling Systems Corporation PJSC (Empower), the leading provider of district cooling services globally and publicly traded on the Dubai Financial Market (DFM: EMPOWER), has unveiled impressive financial results for Q1 2026, bolstered by a marked increase in demand for cooling in Dubai.

The firm reported a total revenue of AED 631 million for the first quarter of 2026, which represents a robust 16.8% growth compared to the same quarter in 2025. Empower's EBITDA hit AED 358 million, while pre-tax net profits reached AED 229 million.

The net profit after taxes reached AED 208 million for the quarter concluding on March 31, 2026, demonstrating a substantial increase of 44% from Q1 2025.

H.E. Ahmad Bin Shafar, CEO of Empower, stated that the firm’s strong outcomes highlight the efficacy of its business strategies, focused expansion, and heightened demand for energy-efficient cooling options in Dubai.

He noted that the boost in profits and revenue stemmed from an increase in cooling capacity and reduced operating expenses. Additionally, he emphasized that the company is committed to supporting Dubai’s aspirations of becoming a global pioneer in sustainable urban development through innovative infrastructure and eco-friendly energy solutions.

Solid Business Growth and Future Plans

Empower's financial reports indicate consolidated revenues of AED 3.51 billion from April 2025 to March 2026, up from AED 3.26 billion previously, representing an increase of 7.6%.

For the same timeframe, EBITDA rose to AED 1.71 billion, a growth of 11.7% from AED 1.53 billion.

In Q1 2026, the company secured 28 new contracts aimed at delivering 35,662 refrigeration tons (RT) of cooling capacity to various developments across Dubai, elevating its total contracted capacity to approximately 1.98 million RT.

Among the significant contracts is an agreement with Meraas to offer district cooling services for the City Walk Phase 3 and Verve projects, resulting in a combined capacity of 17,500 RT.

During the quarter, Empower added an impressive 33,500 RT to its connected load, expanding its client base to nearly 160,000 across 1,776 buildings in Dubai.

New connections included notable projects like Sobha Creek Vista Heights, Verde by Sobha, and Binghatti Elite.

Business Bay Expansion Plans

As part of its growth strategy, Empower has contracted for the design of its fifth district cooling facility in Business Bay, Dubai.

Construction is anticipated to kick off in Q4 2026, with the new facility expected to provide around 44,000 RT of cooling capacity.

Additionally, the quarter observed a shift in ownership dynamics, as the Dubai Electricity and Water Authority (DEWA) boosted its stake in Empower to 80%.

Approved Dividend Distribution

In March 2026, Empower’s Annual General Meeting sanctioned the proposal from the Board of Directors to distribute cash dividends totaling AED 437.5 million for the latter half of 2025.

This dividend equates to 4.375 fils per share, representing 43.75% of the company’s paid-up capital.

International Engagements

During the quarter, Empower further enhanced its global standing by participating in several key international energy and sustainability forums.

The company attended the United Nations Environment Programme (UNEP) Cool Coalition meeting during Abu Dhabi Sustainability Week, concentrating on global district cooling solutions and sustainable technologies.

Empower also took part in the ASHRAE Winter Conference and Exhibition 2026, where officials delved into collaborative research on cutting-edge district cooling systems and global cooling standards.

Furthermore, Empower was a Diamond Sponsor for the IDEA Campus Energy Conference 2026, demonstrating its ongoing commitment to sustainable energy and efficient urban growth.

Recognition from Forbes

In the first quarter of 2026, Empower earned a spot among Forbes Middle East’s 100 Most Valuable Companies 2026 based on market valuation.

This recognition underscores the company’s commendable financial performance, consistent growth, and persistent investment in advanced technologies and sustainability initiatives.