By: Amr Adel
Dubai – Mubasher: Emirates Central Cooling Systems Corporation (Empower) is currently considering three deals to acquire cooling firms in the UAE.
The company is in serious talks with a number of UAE companies for a full or partial acquisition, the company’s CEO Ahmad Bin Shafar said in a press conference.
Profits reached AED 641 million ($174.7 million) in 2016, up 24.2% from AED 516 million ($141 million) in 2015.
Empower is expected to generate profits of AED 675 million in 2017, with revenues likely to reach AED 2.2 billion, Bin Shafar said.
The projects under construction currently amount to a total value of AED 650 million, with expectations to rise to AED 900 million by the end of 2017.
The company’s liquidity stands at AED 500 million to date, the CEO noted. In addition, total liabilities reached AED 1.3 billion, of which AED 400 million will be repaid this year.
The company’s total assets rose to AED 9.7 billion in 2016 from AED 7.2 billion in 2015, he said, adding that the company paid AED 400 million in cash dividends for 2016.
The company is holding discussions with representatives from the governments of Ajman and Sharjah to enter into strategic partnerships related to several projects in the UAE.
There are still plans to expand in Qatar and Saudi Arabia, but the company is waiting for the economic conditions to improve, the CEO noted.
Empower is still studying the initial public offering (IPO), yet the market conditions aren’t favourable, Bin Shafar concluded.
Translated by: Julian Nabil
