Empower Nine-Month Profit Rises 10.6% to Dh762 Million as Cooling Capacity Grows

The Dubai-listed company said revenue for the period rose 4.6% to Dh2.71 billion. Net profit attributable to shareholders was Dh756 million, up from Dh681 million a year earlier. Investors liked the results: Empower shares rose 3.63% on the Dubai Financial Market on Thursday, according to Al Bayan's market report.

Growth slowed in the third quarter. Revenue rose 4.7% to Dh1.19 billion, earnings before interest, tax, depreciation and amortisation rose 2.1% to about Dh459 million, and net profit after tax rose 2.7% to Dh294 million. The company said the quarter reflected a growing customer base and the seasonal pattern of demand for cooling.

Empower's contracted capacity reached 2.06 million refrigeration tonnes at the end of September, about 110,000 tonnes more than in December 2025. Connected capacity, the cooling load already being delivered to buildings, rose by about 84,000 tonnes to 1.74 million tonnes. The company signed 94 new agreements within its existing concession areas during the nine months.

The new contracts include a deal with Meraas to supply City Walk Phase 3 with 15,200 tonnes of cooling. In the third quarter Empower also agreed to cool Binghatti Developers' Mercedes-Benz Places | Binghatti City project in Meydan, with contracted capacity of 37,000 tonnes.

Empower ended September with Dh2.84 billion in cash and equivalents and net debt of about Dh2.66 billion, equal to 1.6 times its earnings before interest, tax, depreciation and amortisation over the past 12 months. It has paid about Dh875 million in dividends in 2026, in two payments of Dh437.5 million each: one in April for the 2025 financial year and one in October for the first half of 2026. Each came to Dh0.04375 a share.

Chief executive Ahmad bin Shafar said the results showed the company could grow profitably while continuing to invest in Dubai's cooling infrastructure. He said growth in contracted and connected capacity "strengthens our long-term business prospects".

The gap between contracted and connected capacity, about 320,000 tonnes at the end of September, is cooling load Empower has already signed up and expects to earn recurring revenue from once those buildings connect.