External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Emirates Central Cooling Syste / Equity Bottom-Up

Emirates Central Cooling Syste (EMPOWER UH)

<ul><li>Empower reported 1Q24 core attributable profit of AED163mn, down 2% YoY and 36% QoQ</li><li>The QoQ decline in profits is mainly led by lower seasonal demand in 1Q24 vs 4Q23 while the YoY decline is led by implication of corporate taxes as well as 42% higher financial charges</li><li>Revenues jumped 9% YoY to AED538mn following integration of Dubai Airport assets as well as organic expansion</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Empower reported 1Q24 core attributable profit of AED163mn, down 2% YoY and 36% QoQThe QoQ decline in profits is mainly led by lower seasonal demand in 1Q24 vs 4Q23 while the YoY decline is led by implication of corporate taxes as well as 42% higher financial chargesRevenues jumped 9% YoY to AED538mn following integration of Dubai Airport assets as well as organic expansionContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Empower: 1Q24 Earnings Inched Down 2% YoY, Upgrade to Buy on Price Correction