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FINANCIAL NEWS
Dubai’s Empower reports USD51.7m profit in 2012
01 Mar 2013
(MENAFN) Dubai cooling specialist Empower reported a 71 percent increase in annual profit in 2012, the Contrsution Week magazine reported.
The company said it made USD51.7 million net profit last year, on the back of a 5 percent increase in annual rev enues to USD190.9 million.
Ahmed Bin Shafar, CEO of Empower, said that the company increased its cooling capacity by 8 percent to over 400,000 refrigeration tonnes (RT) in 2012.
He added that with expansion of Empower’s business, it increased its workforce by 9 percent last year
During the last year, Empower spent cash on enhancing its infrastructure in a number of real estate projects, including Business Bay, TECOM Site C, DHCC Phase 2 and Mirdiff.
Bin Shafar said that the district cooling business is growing in the GCC, with the UAE staying at the forefront.
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