CUC announces shareholder dividend payment Loop Cayman Islands

The content originally appeared on: News Americas Now

The content originally appeared on: Cayman Compass

Caribbean Utilities Company, Ltd. (“CUC”) announced on Monday, February 6, 2023, that its Board of Directors declared a dividend of US$0.175 per Class A Ordinary Share, or an annualized dividend of US$0.70 per share.

According to CUC, the dividend will be payable on March 15, 2023, to shareholders of record on March 1, 2023.

More about CUC

Caribbean Utilities Company, Ltd. commenced operations as the only electric utility in Grand Cayman on May 10, 1966.

The principal activity of the company is to generate, transmit, and distribute electricity in its licence area of Grand Cayman, Cayman Islands, under a 20-year exclusive Transmission & Distribution (“T&D”) Licence and a 25-year non-exclusive Generation Licence (the “Licences”) granted by the Cayman Islands Government (the “Government”), which expire in April 2028 and November 2039, respectively.

In the third quarter of 2022, CUC recorded operating revenues of $79.0 million, an increase of $22.9 million or 41% compared to $56.1 million for Q3 2021.

Operating revenues for the first nine months ended September 30, 2022, totalled $188.8 million, an increase of 32% compared to $143.2 million for the nine months ended September 30, 2021.

These increases were due primarily to higher electricity sales revenues and an increase in fuel factor revenues resulting from higher fuel costs.