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Consolidated Water sold 16% less water in its Cayman Islands retail segment following the border closures and a halt to tourism during the second quarter of 2020.
The board of Consolidated Water declared a cash dividend of $0.085 per share after the developer and operator of water supply and treatment plants posted record revenue in the first quarter of the year.
Unusually dry weather in the Cayman Islands helped push Consolidated Water’s revenue growth in the second quarter of this year.
Consolidated Water increased total first quarter revenues by 17% and gross profit by 13% compared to the same period last year.
A relatively dry 2018 helped boost sales by Cayman’s local water company, Consolidated Water.
The Cayman-based Consolidated Water has reached a deal to sell its Belize branch, CW-Belize, to Belize Water Services Ltd. for US$7 million, with the closing of the transaction expected to take place by Wednesday.
Consolidated Water Co. Ltd. recorded increased profitability in all four of the company’s reporting segments in its 2017 first-quarter report – compared with the equivalent 2016 period.
Legal drafters penning an 82-page law to create a unified regulatory office for Cayman’s utility providers did not solicit opinions from the half-dozen affected companies, instead they only consulted their controlling agencies.
In an eight-page response to Cayman Water Company CEO Rick McTaggart, government has sought to counter calls to withdraw and rewrite proposed legislation creating a single office regulating Cayman’s utility companies.
Cayman Water CEO Rick McTaggart has raised a serious and concerning issue with the Cayman Islands government: namely, that lawmakers are preparing to vote to overhaul regulation of the country’s utilities (including water), but nobody bothered to consult with Mr. McTaggart’s company, which is one of Cayman’s two water providers.
Cayman Water has asked government to withdraw and rewrite a proposed bill investing a new utilities regulation office with broad unilateral powers to control the firm’s activities. The company says it was not consulted on the bill.
Utility chiefs have reacted cautiously to Monday’s publication of a draft law creating a unified commission to oversee water, electricity, telephone and fuel providers, while dissolving separate regulatory bodies previously responsible for each industry.