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Dubai’s Empower will look to expand in the GCC and Egypt following its listing on Dubai Financial Market (DFM), the CEO said today.
The state-linked district cooling firm on Monday announced its plans to offer 1 billion shares (10% stake) in an IPO and DFM listing to boost trading volumes on the stock exchange.
In translated remarks at a press conference to announce the company’s initial public offering (IPO), CEO Ahmad bin Shafar said the company would expand in the UAE, other GCC states and Egypt.
Asked about expansion plans, he said: “Dubai’s market is a very promising market and of course we look to expand within the UAE.”
“We have an NDA contract with some of the companies, and therefore we cannot announce the names. We have plans to expand business in some of the countries like Saudi Arabia, Qatar, Oman and Bahrain,” Shafar said.
“In Egypt’s market, yes, we were invited to participate in some of the tenders,” he added.
The press conference heard that the company has a target market share of 80% of Dubai’s connected districted cooling capacity by the end of this year.
Empower operates 1.4 million refrigeration tonnes of cooling capacity to 1,400 buildings in Dubai, the conference heard, and that Empower intends to pay twice yearly dividends post listing, with the first to be paid out on 16th November 2022.
CFO Ramesh Ramadurai said the company had reported a full year profit full year revenue for 2021 of AED 2.464 billion with an EBITDA margin of 49.5% and profits of AED 936 million. For H1 2022 revenue was AED 1.15 billion with a profit of AED 431.714 million and an EBITDA margin of 48.5%.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
