Consolidated Water(US:CWCO)2025-03-18 14:30Revenue Performance - Total revenue for 2024 declined 26% to $134 million, down from $180.2 million in 2023, primarily due to a $47 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 $180,211,233 in 2023[24]. - Total revenue for 2024 was $133,966,633, a decrease of 25.7% compared to $180,211,233 in 2023[41]. - Retail revenue increased to $31,741,343 in 2024 from $30,158,051 in 2023, representing a growth of 5.2%[27]. - Services revenue significantly decreased to $50,956,489 in 2024 from $97,966,650 in 2023, a decline of 48%[27]. - Revenue from the Cayman Islands was $37,137,424 in 2024, down from $41,728,340 in 2023, a decrease of 11.5%[26]. Profitability - Net income from continuing operations attributable to stockholders was $17.9 million or $1.12 per diluted share, compared to $30.7 million or $1.93 per diluted share in 2023[21]. - Gross profit for 2024 was $45,624,448, down from $61,927,105 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 $30,672,135 in 2023, indicating a decline of 7.5%[24][25]. - Basic earnings per share for 2024 was $1.78, compared to $1.88 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 $6.1 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 $19,368,365 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 $99.4 million, with working capital of $132.8 million as of December 31, 2024[22]. - Total assets increased to $243,313,181 in 2024 from $218,437,592 in 2023, representing an increase of 11.3%[39]. - Total current assets rose to $157,788,165 in 2024, up from $112,714,375 in 2023, a significant increase of 39.9%[39]. - Cash and cash equivalents significantly increased to $99,350,121 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 $0.11 per share starting in Q4 2024[6]. - The company declared dividends of $0.41 per share in 2024, up from $0.36 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].