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English news

24-Feb-2016

Empower halts IPO plans; reports 27% Y-o-Y rise in 2015 profits

Dubai air-conditioning provider Empower has halted plans to go public citing adverse market conditions, Ahmed bin Shafar, Empower's chief executive said on Tuesday. Empower, a joint venture between DEWA and TECOM Investments, made an annual net profit of AED516 million in 2015, up 27% Y-o-Y. Revenue rose 12% to AED1.7 billion. Shafar forecast Empower's 2016 profit would be AED600 million, while revenue would reach AED1.8 billion. The company's cooling capacity increased 6.7% to 1.12 million refrigeration tons over the same period. It was providing air conditioning to 810 buildings by the end of 2015, up from 746 a year earlier, Shafar said, predicting Empower would connect a further 52 buildings in 2016.  The company requires AED1.2 billion in new funding to pay for projects under construction, of which 80% will come from bank borrowings and the rest from company funds, Shafar said. (Reuters)

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