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Consolidated Water(CWCO) - 2024 Q4 - Annual Results
CWCOConsolidated Water(CWCO)2025-03-18 14:30

Revenue Performance - Total revenue for 2024 declined 26% to 134million,downfrom134 million, down from 180.2 million in 2023, primarily due to a 47milliondecreaseintheservicessegment[5].−TotalrevenuefortheyearendedDecember31,2024,was47 million decrease in the services segment[5]. - Total revenue for the year ended December 31, 2024, was 133,966,633, a decrease of 25.6% compared to 180,211,233in2023[24].−Totalrevenuefor2024was180,211,233 in 2023[24]. - Total revenue for 2024 was 133,966,633, a decrease of 25.7% compared to 180,211,233in2023[41].−Retailrevenueincreasedto180,211,233 in 2023[41]. - Retail revenue increased to 31,741,343 in 2024 from 30,158,051in2023,representingagrowthof5.230,158,051 in 2023, representing a growth of 5.2%[27]. - Services revenue significantly decreased to 50,956,489 in 2024 from 97,966,650in2023,adeclineof4897,966,650 in 2023, a decline of 48%[27]. - Revenue from the Cayman Islands was 37,137,424 in 2024, down from 41,728,340in2023,adecreaseof11.541,728,340 in 2023, a decrease of 11.5%[26]. Profitability - Net income from continuing operations attributable to stockholders was 17.9 million or 1.12perdilutedshare,comparedto1.12 per diluted share, compared to 30.7 million or 1.93perdilutedsharein2023[21].−Grossprofitfor2024was1.93 per diluted share in 2023[21]. - Gross profit for 2024 was 45,624,448, down from 61,927,105in2023,reflectingagrossmarginofapproximately3461,927,105 in 2023, reflecting a gross margin of approximately 34%[24]. - Net income attributable to Consolidated Water Co. Ltd. stockholders for 2024 was 28,237,554, compared to 30,672,135in2023,indicatingadeclineof7.530,672,135 in 2023, indicating a decline of 7.5%[24][25]. - Basic earnings per share for 2024 was 1.78, compared to 1.88in2023,indicatingadecreaseof5.31.88 in 2023, indicating a decrease of 5.3%[41]. Operational Highlights - Operations and maintenance (O&M) recurring revenue increased 51% to 29.3 million, with 6.1millioncontributedbythenewlyacquiredRECsubsidiary[5].−Thecompanyreportedasignificantincreaseinoperationsandmaintenancerevenueto6.1 million contributed by the newly acquired REC subsidiary[5]. - The company reported a significant increase in operations and maintenance revenue to 29,307,405 in 2024 from 19,368,365in2023,agrowthof5119,368,365 in 2023, a growth of 51%[27]. - Manufacturing revenue increased by 1% to 17.6 million, reflecting stable performance in the segment[5]. Cash and Assets - Cash and cash equivalents totaled 99.4million,withworkingcapitalof99.4 million, with working capital of 132.8 million as of December 31, 2024[22]. - Total assets increased to 243,313,181in2024from243,313,181 in 2024 from 218,437,592 in 2023, representing an increase of 11.3%[39]. - Total current assets rose to 157,788,165in2024,upfrom157,788,165 in 2024, up from 112,714,375 in 2023, a significant increase of 39.9%[39]. - Cash and cash equivalents significantly increased to 99,350,121in2024from99,350,121 in 2024 from 42,621,898 in 2023, a growth of 133.2%[39]. Dividends and Shareholder Returns - The company increased its quarterly dividend by 15.8% to 0.11persharestartinginQ42024[6].−Thecompanydeclareddividendsof0.11 per share starting in Q4 2024[6]. - The company declared dividends of 0.41 per share in 2024, up from 0.36in2023[41].FutureOutlook−Thecompanyexpectsconstructionrevenuetoremainbelow2023levelsuntilthecommencementofthedesalinationprojectinHawaii,anticipatedtosignificantlyboostrevenueandearningsin2026and2027[17].−Theconstructionphaseofthe0.36 in 2023[41]. Future Outlook - The company expects construction revenue to remain below 2023 levels until the commencement of the desalination project in Hawaii, anticipated to significantly boost revenue and earnings in 2026 and 2027[17]. - The construction phase of the 204 million desalination plant project in Hawaii is expected to begin early next year, generating significant future revenue[11]. - The company recently entered the U.S. desalination market with a contract for a seawater desalination plant in Hawaii, indicating strategic market expansion[32]. - The Annual General Meeting of Shareholders is scheduled for May 27, 2025, to discuss future strategies and performance[28]. - The company will host a conference call on March 18, 2025, to discuss these results and future outlook[29]. Expansion Plans - The company is expanding its West Bay plant to meet growing water needs and plans to add manufacturing space for Aerex[16].