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CARIBBEAN UTILITIES COMPANY LTD (CUC) ANNOUNCES UNAUDITED SECOND QUARTER RESULTS
CARIBBEAN UTILITIES COMPANY LTD (CUC) ANNOUNCES UNAUDITED SECOND QUARTER RESULTS Canada...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n \n \n \n CARIBBEAN UTILITIES COMPANY LTD (CUC) ANNOUNCES UNAUDITED SECOND QUARTER RESULTS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n The Caribbean Utilities Company, Ltd. is listed for trading in\n \n United States\n \n dollars on the Toronto Stock Exchange under the trading symbol \"CUP.U\".\n \n \n \n \n \n GRAND CAYMAN\n \n ,\n \n Cayman Islands\n \n \n ,\n \n \n Aug. 2, 2023\n \n \n /CNW/ - Caribbean Utilities Company, Ltd. (\"CUC or \"the Company\") announced its unaudited results for the three- and six months ended\n \n June 30, 2023\n \n (all figures are stated in\n \n United States\n \n Dollars).\n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n Net earnings for the three months ended\n \n June 30, 2023\n \n (\"Second Quarter 2023\" or \"Q2 2023\") were\n \n $10.0 million\n \n , a\n \n $1.7 million\n \n increase compared to three months ended\n \n June 30, 2022\n \n (\"Second Quarter 2022\" or \"Q2 2022\").\n \n \n 3% increase in the regular quarterly dividend from\n \n $0.175\n \n to\n \n $0.18\n \n per class ordinary share.\n \n \n 2% increase in customers when compared to Second Quarter 2022.\n \n \n 8% kilowatt-hours (\"kWh\") increase in electricity sales compared to Second Quarter 2022.\n \n \n Credit rating agency, Moody's released the Cayman Islands AAA country ceiling rating and has referenced that the\n \n Cayman Islands'\n \n political environment, strong policy continuity and sound financial management allows for a stable economic outlook.\n \n \n Continual progress on the installation of Battery Energy Storage Systems with potential completion in Q2 2024.\n \n \n Continual progress with the conversion of the 5 MAN generating units to natural gas.\n \n \n 6 megawatts (\"MW\") of capacity approved by the Utility Regulation and Competition Office (\"OfReg\") for Customer Owned Renewable Energy Programmes.\n \n \n \n \"Q2 2023 sales were strong, supported by a growing economy and hotter than normal temperatures. We are pleased to release another 6 megawatts of renewable capacity for customers to...