News

Grand Cayman, Cayman Islands- Caribbean Utilities Company, Ltd. (TSX: CUP.U) ("CUC" or "the Company") announced today its unaudited results for the three and nine months ended September 30, 2021 (all dollar amounts are stated in United States dollars).

Results for the Company for the three months ending September 30, 2021 ("Third Quarter 2021" or "Q3 2021") were stable considering the impact that the COVID-19 pandemic continues to have on the economy of the Cayman Islands with the tourism sector remaining closed.

Net earnings for Q3 2021 totalled $10.1 million, a decrease of $0.3 million when compared to $10.4 million for the three months ending September 30, 2020 ("Third Quarter 2020" or "Q3 2020"). The decrease is primarily attributable to lower operating income, partially offset by lower finance charges and higher foreign exchange gains.

The Company successfully completed a Rights Offering (the "Offering") on October 29, 2020 and raised gross proceeds of $47.8 million through the issue of 3,359,362 Class A Ordinary Shares at a price of $14.24 per Class A Ordinary Share. The net proceeds of the Offering were used to repay short-term debt and to finance capital projects.

After the adjustment for dividends on the preference shares of the Company, 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.