Buy Or Sell Opportunity • Mar 09
Now 22% undervalued Over the last 90 days, the stock has risen 5.2% to د.إ1.62. The fair value is estimated to be د.إ2.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 8.1% per annum over the same time period. Announcement • Mar 05
Emirates Central Cooling Systems Corporation, Annual General Meeting, Mar 26, 2026 Emirates Central Cooling Systems Corporation, Annual General Meeting, Mar 26, 2026, at 11:00 Arabian Standard Time. Announcement • Feb 11
Dubai Electricity and Water Authority (PJSC) (DFM:DEWA) acquired an additional 24% stake in Emirates Central Cooling Systems Corporation (DFM:EMPOWER) from Emirates Power Investment LLC for AED 5.2 billion. Dubai Electricity and Water Authority (PJSC) (DFM:DEWA) acquired an additional 24% stake in Emirates Central Cooling Systems Corporation (DFM:EMPOWER) from Emirates Power Investment LLC for AED 5.2 billion on February 10, 2026. A cash consideration of AED 5.18 billion will be paid by Dubai Electricity and Water Authority (PJSC). Before completion, Dubai Electricity and Water Authority (PJSC) owned 56% stake in Emirates Central Cooling Systems Corporation. After completion, Dubai Electricity and Water Authority (PJSC) now owns 80% stake in Emirates Central Cooling Systems Corporation.
Dubai Electricity and Water Authority (PJSC) (DFM:DEWA) completed the acquisition of an additional 24% stake in Emirates Central Cooling Systems Corporation (DFM:EMPOWER) from Emirates Power Investment LLC on February 10, 2026. Reported Earnings • Feb 11
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: د.إ0.099 (up from د.إ0.09 in FY 2024). Revenue: د.إ3.42b (up 4.9% from FY 2024). Net income: د.إ993.3m (up 11% from FY 2024). Profit margin: 29% (up from 28% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 7.1%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Feb 04
Emirates Central Cooling Systems Corporation to Report Fiscal Year 2025 Results on Feb 09, 2026 Emirates Central Cooling Systems Corporation announced that they will report fiscal year 2025 results on Feb 09, 2026 Buy Or Sell Opportunity • Jan 28
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.6% to د.إ1.70. The fair value is estimated to be د.إ1.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has declined by 3.8%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 9.7% per annum over the same time period. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: د.إ0.028 (vs د.إ0.026 in 3Q 2024) Third quarter 2025 results: EPS: د.إ0.028 (up from د.إ0.026 in 3Q 2024). Revenue: د.إ1.15b (up 4.3% from 3Q 2024). Net income: د.إ283.1m (up 8.4% from 3Q 2024). Profit margin: 25% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Water Utilities industry in Asia. Announcement • Nov 04
Emirates Central Cooling Systems Corporation to Report Nine Months, 2025 Results on Nov 06, 2025 Emirates Central Cooling Systems Corporation announced that they will report nine months, 2025 results on Nov 06, 2025 Upcoming Dividend • Oct 10
Upcoming dividend of د.إ0.044 per share Eligible shareholders must have bought the stock before 17 October 2025. Payment date: 30 October 2025. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Emirian dividend payers (6.3%). Higher than average of industry peers (3.9%). Buy Or Sell Opportunity • Sep 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.5% to د.إ1.58. The fair value is estimated to be د.إ1.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 9.4% per annum over the same time period. Buy Or Sell Opportunity • Sep 01
Now 20% undervalued Over the last 90 days, the stock has risen 3.1% to د.إ1.65. The fair value is estimated to be د.إ2.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period. Reported Earnings • Aug 06
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: د.إ0.026 (up from د.إ0.022 in 2Q 2024). Revenue: د.إ928.0m (up 14% from 2Q 2024). Net income: د.إ255.0m (up 15% from 2Q 2024). Profit margin: 28% (in line with 2Q 2024). Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 3.0%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Reported Earnings • May 11
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: د.إ0.014 (down from د.إ0.016 in 1Q 2024). Revenue: د.إ554.4m (up 3.1% from 1Q 2024). Net income: د.إ143.0m (down 13% from 1Q 2024). Profit margin: 26% (down from 30% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Water Utilities industry in Asia. Announcement • Feb 26
Emirates Central Cooling Systems Corporation, Annual General Meeting, Mar 19, 2025 Emirates Central Cooling Systems Corporation, Annual General Meeting, Mar 19, 2025, at 11:00 Arabian Standard Time. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: د.إ0.09 (vs د.إ0.095 in FY 2023) Full year 2024 results: EPS: د.إ0.09 (down from د.إ0.095 in FY 2023). Revenue: د.إ3.32b (up 9.4% from FY 2023). Net income: د.إ896.8m (down 5.9% from FY 2023). Profit margin: 27% (down from 31% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Announcement • Feb 12
Emirates Central Cooling Systems Corporation to Report Fiscal Year 2024 Results on Feb 14, 2025 Emirates Central Cooling Systems Corporation announced that they will report fiscal year 2024 results on Feb 14, 2025 Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Fatma Ibrahim Belrehif was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: د.إ0.022 (down from د.إ0.024 in 2Q 2023). Revenue: د.إ828.5m (up 13% from 2Q 2023). Net income: د.إ221.2m (down 6.1% from 2Q 2023). Profit margin: 27% (down from 32% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Water Utilities industry in Asia. Reported Earnings • May 07
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: د.إ0.016 (down from د.إ0.017 in 1Q 2023). Revenue: د.إ552.4m (up 12% from 1Q 2023). Net income: د.إ163.4m (down 2.3% from 1Q 2023). Profit margin: 30% (down from 34% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Water Utilities industry in Asia. Announcement • May 07
Emirates Central Cooling Systems Corporation to Report Q1, 2024 Results on May 06, 2024 Emirates Central Cooling Systems Corporation announced that they will report Q1, 2024 results on May 06, 2024 Announcement • Mar 06
Emirates Central Cooling Systems Corporation, Annual General Meeting, Mar 27, 2024 Emirates Central Cooling Systems Corporation, Annual General Meeting, Mar 27, 2024, at 07:00 Coordinated Universal Time. Location: Habtoor Palace Hotel, Dubai, Habtoor Ballroom Dubaï United Arab Emirates Agenda: To approve the appointment of the Secretary of the meeting, and the appointment of Dubai Financial Market as votes collector; to consider and approve the Board of Directors' report in respect of the Company's activities and its financial position for the financial year ended 31 December 2023; to consider and approve the external auditor's report on the Company's financial position for the financial year ended 31 December 2023; to consider and approve the consolidated financial statements of the Company for the financial year ended 31 December 2023; and to discuss other matters. Reported Earnings • Feb 13
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: د.إ0.095 (down from د.إ0.10 in FY 2022). Revenue: د.إ3.07b (up 10% from FY 2022). Net income: د.إ952.9m (down 4.8% from FY 2022). Profit margin: 31% (down from 36% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Water Utilities industry in Asia. Reported Earnings • Nov 07
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: د.إ0.028 (down from د.إ0.03 in 3Q 2022). Revenue: د.إ1.04b (up 14% from 3Q 2022). Net income: د.إ278.1m (down 7.4% from 3Q 2022). Profit margin: 27% (down from 33% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Water Utilities industry in Asia. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to د.إ1.57, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Water Utilities industry in Asia. Simply Wall St's valuation model estimates the intrinsic value at د.إ2.22 per share. Buying Opportunity • Oct 19
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 9.0%. The fair value is estimated to be د.إ2.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last year. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings is also forecast to grow by 4.9% per annum over the same time period. Reported Earnings • Aug 05
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: د.إ0.024 (down from د.إ0.25 in 2Q 2022). Revenue: د.إ735.1m (up 6.9% from 2Q 2022). Net income: د.إ235.5m (down 6.0% from 2Q 2022). Profit margin: 32% (down from 36% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Water Utilities industry in Asia. Announcement • May 20
Emirates Central Cooling Systems Corporation completed the acquisition of Dubai Airport Cooling Infrastructure Business from Dubai Aviation City Corp. Emirates Central Cooling Systems Corporation signed an agreement to acquire Dubai Airport Cooling Infrastructure Business from Dubai Aviation City Corp. for AED 1.1 billion on November 1, 2021. Empower will own and manage all the existing district cooling infrastructure of Dubai International Airport, with all its facilities and complexes. Empower has acquired the district cooling systems through a combination of internal accruals and debt financing from local and international banks. Standard Chartered Bank - UAE Branches acted as a financial advisor to Dubai Aviation City Corp. The team of SCB was led by Rajesh Singhi, Mohit Singh, Bidu Prakash Das, Shikhar Jain and Nikhil Joshi.
Emirates Central Cooling Systems Corporation completed the acquisition of Dubai Airport Cooling Infrastructure Business from Dubai Aviation City Corp. for AED 1.1 billion on May 19, 2023. Reported Earnings • May 06
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: د.إ0.017 (down from د.إ0.018 in 1Q 2022). Revenue: د.إ498.8m (up 5.9% from 1Q 2022). Net income: د.إ167.3m (down 7.7% from 1Q 2022). Profit margin: 34% (down from 39% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 37%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Water Utilities industry in Asia. Reported Earnings • Feb 14
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: د.إ0.10. Revenue: د.إ2.81b (up 14% from FY 2021). Net income: د.إ1.00b (up 6.9% from FY 2021). Profit margin: 36% (down from 38% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 6.4%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Water Utilities industry in Asia. Buying Opportunity • Dec 08
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be د.إ1.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only.