Empower approves dividend distribution of AED 425 million to shareholders

The Annual General Meeting (AGM) of the Emirates Central Cooling Systems Corporation PJSC (Empower), at a meeting called with a quorum of 90.4 percent of the company’s paid-up share capital, approved the proposal of its Board of Directors to distribute cash dividends of AED 425 million (AED 0.0425 per share equivalent to 42, 5 percent of the company’s paid-up capital) to shareholders for the second half of 2023.

Saeed Mohammed Al Tayer, President of Empower, chaired the Annual General Meeting which took place today at Habtoor Palace, Dubai and was attended by Ahmad bin Shafar, CEO, and members of the board of directors of Authorize. The meeting reviewed the performance of the company and approved the financial statements and the auditor’s report for the year ending December 31, 2023. The shareholders of the company also approved the other agenda items presented at the Annual General Meeting .

Authorize, which is listed on the Dubai Financial Market, achieved its highest-ever revenue of AED 3.035 billion and a net profit of AED 960 million for the year ending December 31, 2023.

The above dividend distribution is aligned with the company’s dividend distribution policy, shared with investors. The company expects to pay a minimum dividend of AED 850 million per year in the first two fiscal years following its listing on the DFM. Authorize paid the dividend corresponding to the first half of 2023 in October.

Saeed Mohammed Al Tayer, President of Empower, he said that Authorize, As a leading global provider of district cooling services, it is committed to achieving sustainable returns and rewarding shareholder profits through careful expansion in the local market, increasing the reach of its services to customers and improving its operational efficiency.

“Empower continues to play a pioneering role in providing environmentally friendly district cooling services in Dubai and contributing to preserving resources, the environment and the fight against climate change by leveraging state-of-the-art infrastructure, cooling plants new generation urban vehicle and its exceptional performance. in energy efficiency”,

he added.

Ahmad bin Shafar, CEO of Empowersaying,

“The trust of our various stakeholders has driven the company’s performance and we are confident of achieving greater results in the coming years with a focus on increasing our market share within the UAE.”

Bin Shafar praised the positive interaction of shareholders with Authorize and stressed that the company will continue with its deliberate plans to maintain its outstanding performance.

News source: Emirates News Agency