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Dubai Financial Market-listed Emirates Central Cooling Systems Corporation, known as Empower, said it made a net profit attributable to owners of 167.3 million dirhams ($46 million), nearly 8% lower year-on-year (YoY).
The net profit fell short of analysts’ mean estimate of AED 209 million, according to data compiled by Refinitiv's Eikon.
Revenue came in at AED 494 million, up 6% YoY, the company said in a regulatory filing on Friday.
The company, which was listed in November 2022, following an IPO that raised more than AED2.6 billion, does not propose to pay a shareholder dividend for the quarter. Its board has approved a dividend of AED 425 million for the second half of 2022.
(Reporting by Brinda Darasha; editing by Daniel Luiz)
