CARIBBEAN UTILITIES COMPANY, LTD. ANNOUNCES UNAUDITED RESULTS AND STRATEGIC HIGHLIGHTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol "CUP.U".
GRAND CAYMAN, Cayman Islands , Nov. 5, 2024 /CNW/ - Caribbean Utilities Company, Ltd. (TSX:CUP) ("CUC" or the "Company") has announced its consolidated unaudited results for the three and nine months ended September 30, 2024, (all figures stated in United States Dollars).
Highlights for the period were as follows:
Net Earnings for the three months ended September 30, 2024 ("Third Quarter 2024" or "Q3 2024") totaled $14.4 million, a 4% increase compared to the three months ended September 30, 2023 ("Third Quarter 2023" or "Q3 2023")
2% increase in kilowatt-hour ("kWh") sales when compared to Q3 2023 and a 2% increase in total number of customers when compared to Q3 2023.
Capital expenditures of $72.8 million for the nine months ended September 30, 2024.
In its commitment to reduce carbon emissions and maintain environmental stewardship, two of the five generating units slated for a life cycle upgrade have been completed, with work on the third progressing well. These upgrades will significantly enhance the engines' fuel efficiency and reduce CO2 emissions. The upgrades will also allow for the transition to liquefied natural gas in the future.
The Company commissioned its first battery energy storage facility ("BESS"). This system will allow for increased renewable energy capacity in Grand Cayman. The 20-megawatt ("MW") BESS is anticipated to lower fuel costs and improve fuel efficiency by 5% to 6%, leading to a corresponding reduction in CO2 emissions.
Ongoing infrastructure hardening demonstrated resilience during the summer months with two significant weather events affecting the region with minimal customer disruption.
"The Company continues to focus on capital investment and infrastructure projects with an emphasis on sustainability. The investment in resiliency projects proved prudent during recent weather events this quarter, leading to fewer outages for customers when Grand Cayman was affected by the weather. CUC is focused on cost-effective, environmentally positive investments that are beneficial for our customers." said Mr. Richard Hew, President and Chief Executive Officer.
Capital Expenditures
Capital expenditures for the nine months ending September 30, 2024, were $72.8 million. These expenditures covered projects such as distribution system extensions and upgrades, generation replacements, lifecycle upgrades, installation of battery energy storage systems, and upgrades to the Frank Sound Substation.
Net Earnings and Sales Revenues
Net earnings for Q3 2024 were $14.4 million, a $0.5 million increase when compared to net earnings of $13.9 million for Q3 2023. This increase is primarily attributable to higher income from pipeline operations and lower finance charges. After adjusting for dividends on ...
