Empower, also known as Emirates Central Cooling Systems Corporation, has announced the approval of a total dividend of $116m (Dhs425m) for the second half of 2022, equivalent to Dhs0.043 per share. The payout, which represents 42.5% of its paid-up capital, will be distributed to shareholders in April 2023. Empower’s full-year net profit in 2022 increased by 7% YoY to Dhs1bn, with revenues reaching Dhs2.8bn, driven by a 13.3% increase in the demand for district cooling services. The company provides district cooling services to over 1,463 buildings, with a market share of more than 80%, including high-profile developments such as Atlantis The Royal Hotel, Museum of the Future, Marsa Al Arab, One Zabeel, and Wasl1.
 Empower’s IPO raised Dhs2.66bn in Dubai, with the offering drawing $34bn in orders from local, regional, international, and retail investors. The company plans to focus on expanding its district cooling infrastructure and transmission and distribution networks in Dubai, investing Dhs450m in February to cater to the needs of more than 43 buildings in Dubai Maritime City. Empower provides district cooling services to over 64% of residential buildings, 15% of commercial buildings, and 14% of the hospitality sector in Dubai.