Emirates Central Cooling Systems Company (Empower) has announced a net profit of AED 804 million in 2018 and full repayment of its debt to banks before maturity. The total value of the company's total revenues is estimated at AED 2.03 billion.
Ahmed Bin Shafar, Chief Executive of Empower, said during a press conference in Dubai yesterday that the Corporation is conducting continuous consultations with government entities in Sharjah and Ajman to implement district cooling projects in the coming periods. He confirmed the readiness of the company to implement any projects, And identify the target areas or projects.
He pointed out that the «Empower» paid through the year 2018 all bank financing due on them, before their due dates, which confirms the strong financial position of the institution.
"During the year 2018, Emaar has settled loans worth $ 157 million before maturity. With these payments, Empower has fully settled its bank loans with a total value of 2.67 billion dirhams ($ 728 million) Indebtedness with a balance (without debt) ».
"The idea of offering Empower to subscribe to the capital market remains in place, waiting for the right time and the owners' decision, and will continue to look for investment opportunities for acquisition to support its development.
He revealed that Empower is looking at opportunities for external expansion in Egypt by looking to establish cooling projects in the new administrative capital, and is also looking closely at other markets, notably Saudi Arabia and Singapore.