Consolidated Water marked the 50th anniversary of the founding its Cayman Islands operations with a special ringing of the opening bell at New York’s Nasdaq Stock Exchange earlier this month.
Consolidated Water’s chairman of the board, Wil Pergande, in a statement, said, “During my 45-year tenure as a director of the company, I’ve witnessed our growth from a small water utility in Grand Cayman to now a multinational company with operations across the continental U.S., Hawaii and the Caribbean, and more than $100 million in annualized revenue.
“Now in our 28th year trading on Nasdaq, I’m very pleased to say the best is yet to come.”
In his address at the 14 Aug. event, Pergande said the top priorities have always been to take great care of customers and deliver the highest level of products and services.
“We take this responsibility seriously, since our beginning, Consolidated Water has pursued a focused mission of providing the highest quality water services to areas of the world where the supply of potable water is scarce. We have pursued this with the recognition that water is the most precious resource in the world,” he said, adding that the company currently produced more than 25 million gallons of potable water daily from 11 seawater desalination plants.
It also provides, he said, important environmental stewardship through 27 wastewater treatment facilities.
Consolidated Water has come a long way from its humble beginnings.
“This [was] highlighted by our recent win of $204 million contract to design, build, and operate a seawater desalination plant in Hawaii. The plant will represent our 24th desalination plant we have constructed worldwide and our first desalination plant in the U.S,” he added.
Last month, Consolidated Water announced it entered the US desalination market with the contract to design, build, operate and maintain a seawater desalination plant in Hawaii.
The plant will be located in the Kalaeloa Regional Park District on the Island of O’ahu in Hawaii and situated on the site of the former Barbers Point US Naval Air Station.
In celebration of the golden anniversary milestone on 31 Aug., the company also announced an increase in its quarterly cash dividend and declared a dividend of $0.095 per share for the fourth quarter of 2023.
“Our strong growth across all four of our business segments has resulted in increased profitability and cash flow. This performance and positive outlook supported our board of directors’ decision to increase our quarterly dividend for our stockholders,” Consolidated Water president and CEO Rick McTaggart said in a statement announcing the increase.
The fourth quarter dividend represents an increase of 11.8% from the third quarter 2023 dividend of $0.085 per share, the statement said.
The cash dividend is payable on 31 Oct. 2023 to shareholders of record at the close of business on 2 October, the statement said.
The company also recently reported a 110% increase in revenue to $44.2 million in the second quarter of 2023.
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