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CUC’s latest results remain “stable” despite pressures

Business 03 Nov, 2021 Follow News

Richard Hew CUC President and CEO

Taking into consideration the global pandemic’s impact on Cayman’s economy, as well dealing with a tropical storm/ hurricane, this did not dent Cayman’s electricity provider, CUC’s, earnings for the third quarter of 2021, as the company reports stable results despite these pressures.

Net earnings for Q3 2021 (the three months ending 30 September, 2021) totalled $10.1 million, a decrease of $0.3 million compared to $10.4 million for the three months ending September 30, 2020. The decrease was mainly due to lower operating income, partially offset by lower finance charges and higher foreign exchange gains, they said.

After adjustments, earnings on Class A Ordinary Shares for Q3 2021 were $10.0 million, or $0.26 per Class A Ordinary Share, compared to earnings on Class A Ordinary Shares of $10.2 million, or $0.31 per Class A Ordinary Share for Q3 2020.

Net earnings for the nine months ended 30 September, 2021 totalled $22.0 million, an increase of $3.3 million compared to net earnings of $18.7 million for the nine months ended 30 September, 2020, due to higher operating income, lower finance charges and higher other income, CUC stated. After adjustments, earnings on Class A Ordinary Shares for the nine months ended 30 September, 2021 were $21.7 million, or $0.58 per Class A Ordinary Share, compared to earnings on Class A Ordinary Shares of $18.3 million, or $0.55 per Class A Ordinary Share, for the nine months ended 30 September, 2020.

Sales for Q3 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, due to higher large commercial and residential customer sales in Q3 2021 compared to Q3 2020, in line with increased general economic activity.

Sales for the nine months ended 30 September, 2021 totalled 494.5 million kWh, an increase of 1.6 million kWh in comparison to 492.9 million kWh for the nine months ended 30 September, 2020. Sales for three and nine months ended September 30, 2020 were negatively impacted by the Covid-19 pandemic on the Cayman Islands’ economy.

As at 30 September, 2021, customers numbered 31,964, an increase of 1,069, or 3%, compared to 30,895 customers as at 30 September, 2020.

 

Renewable energy

Renewable energy purchases for Q3 2021 totalled $1.6 million, an increase of $0.2 million compared to renewables purchases of $1.4 million for Q3 2020. They were on the up for the nine months ended 30 September, 2021, totalling $4.4 million, an increase of $0.5 million compared to $3.9 million for the nine months ended 30 September, 2020.

President and CEO, Mr. Richard Hew, said: “In Q3 2021, the Company successfully responded to the impact of Tropical Storm Grace and met its safety and reliability targets while continuing to navigate the uncertainty and the myriad of challenges which the COVID-19 pandemic has presented.”


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