Caribbean Utilities Company has declared a dividend of US$0.175 per Class A ordinary share, or an annualised dividend of US$0.70 per share. The dividend will be payable on 15 Dec. to shareholders of record on 1 Dec.
The utility provider earlier reported slightly lower net earnings for the third quarter of US$10.1 million, down from $10.4 million for the same period in 2020.
CUC attributed the decline to lower operating income that was partially offset by lower finance charges and foreign exchange gains.
The company said overall the results were stable considering the continued impact of the COVID-19 pandemic on the Cayman economy as the tourism sector remains virtually closed.
For the first nine months of the year, CUC’s net earnings of $22 million were up $3.3 million compared to last year.
Sales for third-quarter 2021 totalled 179.9 million kWh, an increase of 4.8 million kWh, or 3%, in comparison to 175.1 million kWh for Q3 2020.
The increase was driven by higher large commercial and residential customer sales and increased general economic activity year on year.
The average monthly temperature in the third quarter was slightly lower compared to the same period in 2020.
The utility’s number of customers increased by 1,069, or 3%, to 31,964 over the 12 months ending 30 Sept. 2021.
Fuel costs billed to customers during the third quarter were 7 cents higher per kWh, at $0.17 per kWh, compared to the same period in 2020.
CUC president and CEO, Richard Hew, noted that the company managed the impacts of both Tropical Storm Grace and COVID-19 during the period and continues to monitor the Cayman Islands government’s plans to reopen borders for tourism, together with any potential increase in electricity demand as a result.
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