Emirates Central Cooling Systems Corporation Pjsc · DFM:EMPOWER
Emirates Central Cooling Systems Corporation Pjsc — H1 2024 Earnings Presentation
15 slides from Emirates Central Cooling Systems Corporation Pjsc's earnings presentation, 2024
Slide 1: Next-Gen Sustainability Champion Disrupting The Cooling World
Next-Gen Sustainability Champion Disrupting The Cooling World Investor Presentation | H1 2024 1
Slide 2: Disclaimer
DISCLAIMER The information contained herein has been prepared by Emirates Central Cooling Systems Corporation PJSC (“Empower”) or the “Company” or the “Group”. This contains information in summary form and does not purport to be complete. Some of the information relied on by Empower is obtained from
Slide 3: Macroeconomic Overview
MACROECONOMIC OVERVIEW 3
Slide 4: Macroeconomic Overview
MACROECONOMIC OVERVIEW UAE’s real GDP is expected to grow at the rate 4%+ in 2024/25 IMF has revised UAE’s real GDP growth target for 2024 from 3.5% to 4.0% (April, 2024) The World Economic Outlook released by IMF predicted 4.2% GDP growth for 2025 Non-oil sector will continue to outperform GDP
Slide 5: Dubai Continues to Attract Businesses, Talent and Capital
DUBAI CONTINUES TO ATTRACT BUSINESSES, TALENT AND CAPITAL Dubai Chamber of Commerce reports a growth of 17.6% in new companies A total of 19,056 new companies joined as members of Dubai Chamber of Commerce during Q1 2024, representing year- over-year (YoY) growth of 17.6% The Dubai Chambers Quar
Slide 6: Real Estate Sector Posts Robust Growth
REAL ESTATE SECTOR POSTS ROBUST GROWTH Empower’s House View We continue to see rising occupancy levels and stable rental yields which has resulted in growing real-estate investments in Dubai, and we believe that the ambitious goals of Dubai will lead to sustained real estate growth and consequently
Slide 7: Empower: A Compelling Investment Opportunity
EMPOWER: A COMPELLING INVESTMENT OPPORTUNITY 1,532k RT 1,716k RT Clear roadmap Eco-efficient World’s Largest For growth with exclusive c.50% electricity savings vs District Cooling Services Provider Connected Contracted Capacity Capacity arrangements in existing traditional cooling systems with over
Slide 8: Performance Highlights H1/24
PERFORMANCE HIGHLIGHTS H1/24 8
Slide 9: Key Highlights – H1/24
KEY HIGHLIGHTS – H1/24 Empower continued with its robust operational and financial performance during H1/24 with growing Revenue, EBITDA and Profit before Tax Contracted Capacity The contracted capacity as of 1,532 k 1,136 m AED1,352m 30Jun24 grew to 1,716k RT, with 746 hrs Connected Consumption Rev
Slide 10: Income Statement
INCOME STATEMENT H1 2024 H1 2023 Variance Particulars Key Highlights: AED'000 % AED'000 % AED'000 % 1) Interest on financial asset - Financial asset represents upfront Revenue 1,351,541 100.0% 1,224,831 100.0% 126,710 10.3% consideration paid by Empower against which demand charges will be Interest
Slide 11: Balance Sheet
BALANCE SHEET 30-Jun-24 31-Dec-23 Variance Key Highlights: Particulars AED'000 AED'000 AED'000 % 1) Financial assets include demand/capacity charge receivable from Dubai Airport and Nakheel Property, plant and equipment 7,012,826 6,934,815 78,011 1.1% 2) Cash and cash equivalents increased by AED 79
Slide 12: Prudent Leverage Underpinning Attractive Dividends
PRUDENT LEVERAGE UNDERPRINNING ATTRACTIVE DIVIDENDS Net Debt (AED mn) Dividend Payments (AED mn) Gross & Net Debt / EBITDA Dividend Payout Ratio % 2021 2022 2023 H1 2024 Gross Debt / EBITDA (x) 1.6x 3.3x 3.1x 4.0x 44% 351% 87% Net Debt / EBITDA (x) 0.5x 2.2x 2.7x 2.7x Gross Debt Net Debt 3,400 5,494
Slide 13: Financial Highlights – Quarterly Performance
FINANCIAL HIGHLIGHTS – QUARTERLY PERFORMANCE Item Year Q1 Q2 Q3 Q4 H1 Annual 2023 AED 494m AED 731m AED 1,045m AED 765m AED 1,225m AED 3,035m Revenue 2024 AED 538m AED 814m AED 1,352m 2023 AED 284m AED 371m AED 419m AED 387m AED 655m AED 1,461m EBITDA 2024 AED 313m AED 380m AED 693m 2023 58.40% 50.1
Slide 14: Capacity Outlook and Mid-Term Guidance
CAPACITY OUTLOOK AND MID-TERM GUIDANCE Empower signed agreement to provide DCS services to following developments : Connected Capacity (k RT) Feb-2023 : Dubai Maritime City - 63,000 RT Mar-2023 : Sobha Hartland – 17,000 RT Apr-2024: Al Habtoor Tower – 7,200 RT + potential upside >2,000 from accelera
Slide 15: Thank You
Thank You 15
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