The Annual General Meeting (AGM) of  Emirates Central Cooling Systems Corporation (Empower) has approved its Board of Directors’ proposal to distribute cash dividends of AED425 million ($115.73 million) to shareholders for the second half of the year 2023. 

 

The dividend is AED0.0425 per share equivalent to 42.5% of the company's paid-up capital. 

 

Saeed Mohammed Al Tayer, Chairman of Empower, chaired the AGM that took place yesterday (March 27), at Habtoor Palace, Dubai, and was attended by Ahmad bin Shafar, Chief Executive Officer, and members of the Board of Directors of Empower. 

 

The meeting reviewed the company’s performance and approved the financial statements and the auditor’s report for the financial year ending December 31, 2023. The company's shareholders also approved the other agenda items presented at the AGM. 

 

The company’s financial results for the year ended December 31 2023, showed the highest-ever revenue of AED3.035 billion,  with net profit amounting to AED960 million. The above dividend distribution is in alignment with the company’s dividend distribution policy, shared with investors. The company expects to pay a minimum dividend amount of AED 850 million per annum in the first two fiscal years following its listing on the DFM. Empower paid the dividend for the first half of the year 2023 in October. - TradeArabia News Service