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MarketScreener Homepage  >  Equities  >  DUBAI FINANCIAL MARKET  >  Emirates NBD Bank PJSC    EMIRATESNBD   AEE000801010

EMIRATES NBD BANK PJSC

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Emirates NBD Bank : Empower's customer service transactions on smart channels witness 17% increase in 2018

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02/12/2019 | 12:19pm EST

Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, has announced that 90% of its customer transactions were made through smart channels. Empower offers multiple electronic options to ease the payment services for more than 100,000 customers, through its website, and through the e-services provided by its partners in this initiative, from banks and financial organisations.

This supports Empower’s efforts to implement the Dubai Paperless Strategy, launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transfer all related government transactions to digital platforms by 2021. It also supports the objectives of Smart Dubai to make Dubai the smartest and happiest city in the world.

The transformation to smart channels has resulted in a good increase in Empower’s customer transactions. The e-transactions facility of Empower has seen a high demand from its customers, as it provides solutions to complete several transactions, including bill payment, accessing past invoices, registering in Empower’s services, registering and tracking requests, viewing consumption rates online, among others. The company has recorded a total of 614,000 transactions in 2018, showing a 17% increase.

The company reported an increase in registrations and payment transactions through its smart channels, with a total of 382,000 transactions using these channels. 52,000 customers registered and paid through mPay, Emirates NBD cash deposit machines, and Al Ansari Exchange branches. Empower responded to about 68,000 calls, 33,000 emails, and 1,260 online requests.

Empower’s online services have seen significant development since 2013. In the same year, Empower launched the e-payment facility on its website. The service enables customers to access past invoices, pay bills without visiting Empower’s branches, in addition to receiving an e-receipt once the payment process is completed

Empower recently developed a new online system that allows customers to request their final bill, pay dues, and obtain the clearance certificate, without visiting Empower’s branches. Once customer place the request through the website, the dedicated team at Empower process the same with keeping the customer updated about the status and will provide the final bill or clearance certificate based on the request.

Empower has strengthened its deals with several banks and financial organisations, as part of its strategy to ease customer transactions and enhance their satisfaction and happiness. Payment facility is available for Empower customers through Emirates NBD bank’s ATMs and cash deposit machines (CDMs) across the UAE. This facility has introduced by Empower to facilitate it’s customers to perform almost all the activities related to their district cooling consumption bills, such as viewing the outstanding amount, statements, making payments and getting a receipt through more than 500 ATMs and CDMs of Emirates NBD, in the UAE.

In 2017, Empower has signed a Memorandum of Understanding (MoU) with Al Ansari Exchange to provide facility to Empower customers to pay their bills through the 170 branches of Al Ansari Exchange across the UAE.

Empower recently signed a MoU with Noor Bank to enable Empower customers who have accounts or credit cards with Noor Bank to make their bill payments easily without visiting Empower’s branches, through Noor Bank’s website or smart application, and with no additional charge.

“Empower strives to support the smart transformation in government transactions, through the implementation of Dubai Paperless Strategy, which aims to eliminate internal and external paper transactions in Dubai’s government circles and complete the smart transformation in the Government of Dubai. Empower also supports the objectives of the Smart Dubai initiative, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the smartest and happiest city in the world. His Highness has also instructed all government entities to adopt the initiative to promote customer happiness and increase their satisfaction level on government services provided to them,” said Ahmad Bin Shafar, CEO of Empower.

Empower has more than 1,090 buildings that are using district cooling services, catering to more than 100,000 customers. The company operates more than 1.43 Million Refrigeration Tonnes (RT), providing environmentally friendly district cooling services to large-scale real estate developments, such as Bluewaters, Jumeirah Group, Business Bay, Jumeirah Beach Residence, Dubai International Financial Centre, Palm Jumeirah, Jumeirah Lake Towers, Ibn Battuta Mall, Discovery Gardens, Dubai Healthcare City, Dubai World Trade Centre Residences and Dubai Design District, amongst others.

Source: Hattlan Media

(c) 2019. AL Publishing. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (AED)
Sales 2019 18 813 M
EBIT 2019 12 309 M
Net income 2019 10 193 M
Debt 2019 -
Yield 2019 4,77%
P/E ratio 2019 5,29
P/E ratio 2020 5,24
Capi. / Sales 2019 3,03x
Capi. / Sales 2020 2,83x
Capitalization 56 967 M
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Average target price 13,8  AED
Spread / Average Target 35%
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NameTitle
Salah Amin Chief Executive Officer
Ahmed Saeed Al-Maktoum Chairman
Abdulla Qassem Group Chief Operating Officer
Surya Subramanian Group Chief Financial Officer
Rio Tinto Miguel Chief Information Officer
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