Consolidated Water Reports Full Year 2024 Results

Rhea-AI Summary

Consolidated Water (NASDAQ: CWCO) reported its full year 2024 results with total revenue declining 26% to $134 million, primarily due to the completion of two large construction projects in June 2024. Net income from continuing operations was $17.9 million ($1.12 per diluted share), compared to $30.7 million ($1.93 per diluted share) in 2023.

Key segment performance:

• Retail revenue increased 5% to $31.7 million with record water sales volume
• Bulk revenue decreased 3% to $33.7 million
• Manufacturing revenue grew 1% to $17.6 million
• Services revenue declined 48% to $51 million
• O&M recurring revenue increased 51% to $29.3 million

The company maintained a strong financial position with $99.4 million in cash and working capital of $132.8 million. The $204 million Hawaii desalination plant project continues to progress, with construction expected to begin early next year. In August 2024, CWCO increased its quarterly dividend by 15.8% to $0.11 per share.

Positive

• 51% increase in recurring O&M revenue to $29.3 million
• 15.8% dividend increase to $0.11 per share
• Record retail water sales volume in Grand Cayman, up 4.5%
• Strong balance sheet with $99.4 million cash and minimal debt
• Secured new exclusive water concession in Grand Cayman

Negative

• 26% decline in total revenue to $134 million
• 41% decrease in net income from continuing operations to $17.9 million
• 3% decrease in bulk revenue to $33.7 million
• 48% decline in services revenue to $51 million
• Delays in Hawaii desalination project construction start

Insights

Financial Analyst

Consolidated Water's 2024 results show a 26% revenue decline to $134 million, primarily driven by the completion of two major construction projects in June 2024. The company's net income from continuing operations fell to $17.9 million ($1.12 per diluted share) from $30.7 million ($1.93 per diluted share) in 2023.

Despite the topline pressure, there are several positive indicators worth noting. The company achieved record water volume sales in its Grand Cayman utility operations, with retail revenue increasing 5% on 4.5% higher volumes and 4.3% growth in customer connections. Most impressively, recurring Operations & Maintenance revenue surged 51% to $29.3 million, providing a more stable revenue foundation.

The balance sheet remains exceptionally strong with $99.4 million in cash, $132.8 million in working capital, and minimal debt of just $0.2 million. This financial flexibility supported a 15.8% dividend increase and positions the company well for planned infrastructure investments.

Looking ahead, the $204 million Hawaii desalination project has been delayed to early 2026, pushing significant construction revenue further out. However, the project includes inflation adjustment provisions that should protect margins. While 2025 construction revenue may remain subdued, management expects substantial revenue and earnings growth in 2026-2027 when the Hawaii project enters full construction.

Water Industry Specialist

Consolidated Water's operational performance demonstrates the resilience of its business model despite the headline revenue decline. The core utility operations in Grand Cayman achieved an important milestone with record water volume sales exceeding 1 billion gallons and record customer connections, reflecting strong underlying demand fundamentals in their exclusive service territory.

The company has strategically diversified its revenue streams through acquisitions and service contracts. The 51% growth in O&M recurring revenue represents a significant positive shift toward more predictable income, with the REC acquisition providing $6.1 million in new revenue and establishing a foothold in water-stressed Colorado markets.

The October 2023 acquisition of REC is proving particularly valuable, generating $7.9 million in operations and maintenance revenue while opening expansion opportunities in Colorado's water-constrained regions. This expansion into water-stressed U.S. markets positions the company to capitalize on increasing water scarcity issues.

The new concession secured from the Cayman Islands government is a important development, ensuring continued exclusive rights to produce and supply potable water in their service area. This regulatory certainty, combined with planned infrastructure investments like the West Bay plant expansion, supports sustainable growth in their core retail business. The $204 million Hawaii project, while delayed, represents substantial future growth potential with built-in inflation protection mechanisms that should preserve margins despite the extended timeline.

GEORGE TOWN, Cayman Islands, March 17, 2025 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, reported results for the year ended December 31, 2024. All comparisons are to the prior year period unless otherwise noted.

Consolidated Water will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).

2024 Financial Highlights

• Total revenue declined 26% to $134 million, due to two large construction projects that were underway in 2023 but were completed in June 2024. The company’s $204 million design-build-operate desalination plant project in Hawaii continues to progress towards the higher-revenue construction phase.
• Retail revenue increased 5% to $31.7 million on higher sales volumes.
• Bulk revenue decreased 3% to $33.7 million.
• Manufacturing revenue increased by 1% to $17.6 million.
• Services revenue declined by 48% to $51 million, due to a $60 million decline in construction revenue that was partially offset by a $9.9 million increase in recurring operations and maintenance (O&M) revenue and a $2.7 million increase in design and consulting revenue.
• O&M recurring revenue increased 51% to $29.3 million. The increase was comprised of $6.1 million from REC, which was acquired in October 2023, and $3.9 million from PERC.
• Net income from continuing operations attributable to company stockholders totaled $17.9 million or $1.12 per diluted share, compared to $30.7 million or $1.93 per diluted share in 2023.
• Net income, including discontinued operations attributable to company stockholders, totaled $28.2 million or $1.77 per diluted share, compared to $29.6 million or $1.86 per diluted share in 2023.
• Cash and cash equivalents totaled $99.4 million and working capital was $132.8 million as of December 31, 2024.
  

2024 Operational Highlights

• Retail water sold by the company’s Grand Cayman water utility increased 4.5% to a record volume of 1.01 billion gallons. The increase was due to a record number of customer connections which were up 4.3% for the year.
• Advanced through the piloting, design and permitting stages of a project to design, construct, operate and maintain a seawater desalination plant in Hawaii for the Honolulu Board of Water Supply.
• Recognized $7.9 million in operations and maintenance revenue from the company’s REC subsidiary, which was acquired in October 2023 to provide a new channel for expansion in water-stressed regions of Colorado.
  

Dividend Increase

In August 2024, the company increased its quarterly dividend by 15.8% to $0.11 per share beginning in the fourth quarter of 2024.

Management Commentary

“Our revenue and operating income in 2024 from continuing operations were consistent with our expectations, particularly with the completion of the two major design-build projects early in the year,” commented Consolidated Water CEO, Rick McTaggart.

“We saw an improvement in profitability across our retail and manufacturing segments. Our strong retail water sales in our exclusive utility service area on Grand Cayman reflect a record volume of water sold to a record number of customers. This was primarily due to the ongoing growth in population and business activity on the island.

“Our bulk water segment revenue and gross profit remained relatively consistent from the previous year. Our services revenue declined due to the completion in the second quarter of the Liberty Utilities and Red Gate II construction projects which had a major impact on our 2023 revenue. The decline was partially offset by a 51% or nearly $10 million increase in recurring revenue from our operations and maintenance or O&M contracts.

“Most of this additional O&M revenue was generated by REC, our new Colorado subsidiary, that has provided us a new channel to expand our design-build and O&M businesses into water-stressed regions of Colorado. Other U.S.-based O&M contracts managed by our PERC Water subsidiary also contributed meaningfully to the increase.

“Our $204 million project to design, construct, operate and maintain a 1.7 million gallons per day seawater desalination plant for the Honolulu Board of Water Supply has been steadily advancing through the pilot, design and permitting stage. Due to delays unrelated to us, we now expect to begin the construction of this project early next year. We expect the construction phase to generate the largest portion of revenue from the project.

“Also important to note, about 80% of the plant’s construction fee is subject to adjustments for inflation from the date the contract was executed to the date construction begins. This will help protect our gross margin and profitability against most increases in the cost of goods and services.

“As announced last month, our wholly owned subsidiary, Cayman Water Company, received a new concession from the Cayman Islands government, granting it continued exclusive rights to produce and supply potable water within its service area on Grand Cayman. Discussions with the Cayman Islands utility regulator for the required license are anticipated to begin soon. Our existing operating license will remain in effect until the new one is received.

“Looking ahead, we remain excited about the future of Consolidated Water for many reasons. This includes the continued growth in water sales in Grand Cayman; the long-term, stable recurring revenue from our Caribbean-based bulk water business; and the growth potential of our U.S.-based manufacturing, design-build and O&M businesses.

“Supported by an exceptionally strong balance sheet, we will continue to invest in new infrastructure like the expansion of our West Bay plant to serve the growing water needs of our utility customers in Grand Cayman. We also plan to add additional manufacturing space for Aerex. We expect these investments to ultimately drive future retail and manufacturing revenue growth. Our strong balance sheet also enables us to move quickly and strategically on any potential acquisitions.

“We expect our construction revenue to remain below the record level set in 2023 until we commence construction of the desalination project in Hawaii. However, we see this major construction phase substantially adding to our revenue and earnings growth in 2026 and 2027.”

2024 Financial Summary

Revenue totaled $134 million, declining 26% from $180.2 million in 2023. The decrease was due to decreases of $47 million in the services segment and $922,000 in the bulk segment. The decreases were partially offset by increases of $1.6 million in the retail segment and $104,000 in the manufacturing segment.

Retail revenue increased due to a 4.5% increase in the volume of water sold. The volume of water sold increased due to a 4.3% increase in the number of customer accounts in the company’s license area during the year.

The decrease in bulk segment revenue was due to a decrease in the price of energy for CW-Bahamas which decreased the energy pass-through component of CW-Bahamas’ rates. The decrease in bulk segment revenue was partially offset by the revenue generated by the commencement on May 1, 2024, of the operations and maintenance contract for the new Red Gate desalination plant on Grand Cayman. The decrease also was partially offset by the additional revenue generated by the amendment of the company’s North Sound contract which also became effective on May 1, 2024.

The decrease in services segment revenue was due to plant construction revenue decreasing from $77.3 million in 2023 to $17.6 million in 2024 as the result of two construction projects being completed in 2024. Revenue generated under operations and maintenance contracts totaled $29.3 million in 2024, an increase of 51% from 2023. Newly acquired REC contributed $6.1 million to the increase, with the remainder related to incremental PERC contracts.

Manufacturing segment revenue increased by $104,000 to $17.6 million as compared to $17.5 million in 2023.

Gross profit for 2024 was $45.6 million (34.1% of total revenue), as compared to $61.9 million (34.4% of total revenue) in 2023.

Net income from continuing operations attributable to Consolidated Water stockholders for 2024 was $17.9 million or $1.12 per diluted share, compared to net income of $30.7 million or $1.93 per diluted share in 2023.

Including discontinued operations, net income attributable to Consolidated Water stockholders for 2024 was $28.2 million or $1.77 per diluted share, compared to net income of $29.6 million or $1.86 per diluted share in 2023.

Cash and cash equivalents totaled $99.4 million as of December 31, 2024, with working capital of $132.8 million, debt of $0.2 million, and stockholders’ equity of $210 million.

Full Year Segment Results

		Year Ended December 31, 2024
		Retail				Bulk			Services				Manufacturing			Corporate				Total
Revenue		$	31,741,343			$	33,673,387		$	50,956,489			$	17,595,414		$	—			$	133,966,633
Cost of revenue			14,199,088				23,360,360			38,511,535				12,271,202			—				88,342,185
Gross profit			17,542,255				10,313,027			12,444,954				5,324,212			—				45,624,448
General and administrative expenses			3,263,593				1,564,975			6,055,409				2,456,807			14,196,652				27,537,436
Gain on asset dispositions and impairments, net			2,286				—			2,714				—			192,786				197,786
Income (loss) from operations			14,280,948				8,748,052			6,392,259				2,867,405			(14,003,866	)			18,284,798
Interest income			198,180				865,584			458,732				4			571,690				2,094,190
Interest expense			(93,368	)			—			(8,409	)			—			(70	)			(101,847	)
Income from affiliates			—				—			—				16,701			252,754				269,455
Other			78,647				39,625			(5,634	)			11,993			7,247				131,878
Other income, net			183,459				905,209			444,689				28,698			831,621				2,393,676
Income (loss) before income taxes			14,464,407				9,653,261			6,836,948				2,896,103			(13,172,245	)			20,678,474
Provision for income taxes			—				—			1,528,398				672,040			18,076				2,218,514
Net income (loss) from continuing operations			14,464,407				9,653,261			5,308,550				2,224,063			(13,190,321	)			18,459,960
Income from continuing operations attributable to non-controlling interests			—				577,590			—				—			—				577,590
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders		$	14,464,407			$	9,075,671		$	5,308,550			$	2,224,063		$	(13,190,321	)			17,882,370
Net income from discontinued operations																					10,355,184
Net income attributable to Consolidated Water Co. Ltd. stockholders																				$	28,237,554

		Year Ended December 31, 2023
		Retail				Bulk			Services				Manufacturing			Corporate				Total
Revenue		$	30,158,051			$	34,595,058		$	97,966,650			$	17,491,474		$	—			$	180,211,233
Cost of revenue			13,891,229				24,128,132			66,797,762				13,467,005			—				118,284,128
Gross profit			16,266,822				10,466,926			31,168,888				4,024,469			—				61,927,105
General and administrative expenses			2,978,164				1,737,264			4,271,808				1,838,284			13,926,846				24,752,366
Gain (loss) on asset dispositions and impairments, net			(21,716	)			12,720			—				2,233			(349	)			(7,112	)
Income (loss) from operations			13,266,942				8,742,382			26,897,080				2,188,418			(13,927,195	)			37,167,627
Interest income			181,468				362,422			151,706				4			808				696,408
Interest expense			(123,867	)			—			(21,417	)			—			—				(145,284	)
Income from affiliate			—				—			—				—			169,728				169,728
Other			93,795				10,793			1,024				2,020			(171	)			107,461
Other income, net			151,396				373,215			131,313				2,024			170,365				828,313
Income (loss) before income taxes			13,418,338				9,115,597			27,028,393				2,190,442			(13,756,830	)			37,995,940
Provision (benefit) for income taxes			—				—			6,388,457				440,111			(78,554	)			6,750,014
Net income (loss) from continuing operations			13,418,338				9,115,597			20,639,936				1,750,331			(13,678,276	)			31,245,926
Income from continuing operations attributable to non-controlling interests			—				573,791			—				—			—				573,791
Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders		$	13,418,338			$	8,541,806		$	20,639,936			$	1,750,331		$	(13,678,276	)			30,672,135
Net loss from discontinued operations																					(1,086,744	)
Net income attributable to Consolidated Water Co. Ltd. stockholders																				$	29,585,391

Revenue earned by major geographic region was:

		Year Ended December 31,
		2024			2023			2022
Cayman Islands		$	37,137,424		$	41,728,340		$	30,375,985
The Bahamas			29,675,947			31,221,633			29,943,615
United States			66,662,406			106,768,621			33,338,466
Revenue earned from management services agreement with OC-BVI			490,856			492,639			446,906
		$	133,966,633		$	180,211,233		$	94,104,972

The following table presents the company’s revenue disaggregated by revenue source.

		Year Ended December 31,
		2024			2023			2022
Retail revenue		$	31,741,343		$	30,158,051		$	25,954,013
Bulk revenue			33,673,387			34,595,058			32,991,066
Services revenue			50,956,489			97,966,650			28,835,428
Manufacturing revenue			17,595,414			17,491,474			6,324,465
Total revenue		$	133,966,633		$	180,211,233		$	94,104,972

Services revenue consists of the following:

		Year Ended December 31,
		2024			2023			2022
Construction revenue		$	17,637,432		$	77,306,704		$	11,616,274
Operations and maintenance revenue			29,307,405			19,368,365			14,152,158
Design and consulting revenue			4,011,652			1,291,581			3,066,996
Total services revenue		$	50,956,489		$	97,966,650		$	28,835,428

Annual General Meeting of Shareholders

The company has set May 27, 2025 as the date of its Annual General Meeting of Shareholders to be held at 3:00 p.m. Cayman Islands time (4:00 p.m. EDT) at the Westin Grand Cayman Seven Mile Beach Resort & Spa, Seven Mile Beach, Grand Cayman, Cayman Islands. Holders of record of the company’s stock as of March 28, 2025 will be entitled to vote at the meeting.

Conference Call
Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period.

Date: Tuesday, March 18, 2025
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Toll-free dial-in number: 1-844-875-6913
International dial-in number: 1-412-317-6709
Conference ID: 1237348

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact CMA at 1-949-432-7566.

A replay of the call will be available after 1:00 p.m. Eastern time on the same day through March 25, 2025, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com.

Toll-free replay number: 1-877-344-7529
International replay number: 1-412-317-0088
Replay ID: 1237348

About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States. The company recently entered the U.S. desalination market with a contract to design, construct, operate and maintain a seawater desalination plant in Hawaii.

The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment.

For more information, visit cwco.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas; and (v) various other risks such as economic, operational, and industry-specific risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors – SEC Filings” page of the company’s website at ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
Email Contact

Investor & Media Contact:
Ron Both or Grant Stude
CMA Investor Relations
Tel (949) 432-7566
Email Contact

CONSOLIDATED WATER CO. LTD.
CONSOLIDATED BALANCE SHEETS
		December 31,
		2024			2023
ASSETS
Current assets
Cash and cash equivalents		$	99,350,121		$	42,621,898
Accounts receivable, net			39,580,982			38,226,891
Inventory			8,960,350			6,044,642
Prepaid expenses and other current assets			5,153,984			4,056,370
Contract assets			4,470,243			21,553,057
Current assets of discontinued operations			272,485			211,517
Total current assets			157,788,165			112,714,375
Property, plant and equipment, net			52,432,282			55,882,521
Construction in progress			5,143,717			495,471
Inventory, noncurrent			5,338,961			5,045,771
Investment in affiliates			1,504,363			1,412,158
Goodwill			12,861,404			12,861,404
Intangible assets, net			2,696,815			3,353,185
Operating lease right-of-use assets			3,190,985			2,135,446
Other assets			2,356,489			3,407,973
Long-term assets of discontinued operations			—			21,129,288
Total assets		$	243,313,181		$	218,437,592
LIABILITIES AND EQUITY
Current liabilities
Accounts payable, accrued expenses and other current liabilities		$	9,057,179		$	11,604,369
Accrued compensation			3,336,946			3,160,030
Dividends payable			1,780,841			1,572,655
Current maturities of operating leases			634,947			456,865
Current portion of long-term debt			126,318			192,034
Contract liabilities			9,126,654			6,237,011
Deferred revenue			365,879			317,017
Current liabilities of discontinued operations			509,745			364,665
Total current liabilities			24,938,509			23,904,646
Long-term debt, noncurrent			70,320			191,190
Deferred tax liabilities			210,893			530,780
Noncurrent operating leases			2,630,812			1,827,302
Other liabilities			153,000			153,000
Total liabilities			28,003,534			26,606,918
Commitments and contingencies
Equity
Consolidated Water Co. Ltd. stockholders' equity
Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 44,004 and 44,297 shares, respectively			26,402			26,578
Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 15,846,345 and 15,771,545 shares, respectively			9,507,807			9,462,927
Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued			—			—
Additional paid-in capital			93,550,905			92,188,887
Retained earnings			106,875,581			85,148,820
Total Consolidated Water Co. Ltd. stockholders' equity			209,960,695			186,827,212
Non-controlling interests			5,348,952			5,003,462
Total equity			215,309,647			191,830,674
Total liabilities and equity		$	243,313,181		$	218,437,592

CONSOLIDATED WATER CO. LTD.
CONSOLIDATED STATEMENTS OF INCOME
		Year Ended December 31,
		2024				2023				2022
Revenue		$	133,966,633			$	180,211,233			$	94,104,972
Cost of revenue			88,342,185				118,284,128				63,749,849
Gross profit			45,624,448				61,927,105				30,355,123
General and administrative expenses			27,537,436				24,752,366				21,070,234
Gain (loss) on asset dispositions and impairments, net			197,786				(7,112	)			(12,704	)
Income from operations			18,284,798				37,167,627				9,272,185
Other income (expense):
Interest income			2,094,190				696,408				447,186
Interest expense			(101,847	)			(145,284	)			(46,545	)
Equity in the earnings of affiliates			269,455				169,728				102,225
Loss on put/call options			—				—				(128,000	)
Other			131,878				107,461				89,944
Other income, net			2,393,676				828,313				464,810
Income before income taxes			20,678,474				37,995,940				9,736,995
Provision for income taxes			2,218,514				6,750,014				396,739
Net income from continuing operations			18,459,960				31,245,926				9,340,256
Income from continuing operations attributable to non-controlling interests			577,590				573,791				1,112,913
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders			17,882,370				30,672,135				8,227,343
Net income (loss) from discontinued operations			10,355,184				(1,086,744	)			(2,371,049	)
Net income attributable to Consolidated Water Co. Ltd. stockholders		$	28,237,554			$	29,585,391			$	5,856,294
Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders
Continuing operations		$	1.13			$	1.95			$	0.54
Discontinued operations			0.65				(0.07	)			(0.16	)
Basic earnings per share		$	1.78			$	1.88			$	0.38
Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders
Continuing operations		$	1.12			$	1.93			$	0.54
Discontinued operations			0.65				(0.07	)			(0.16	)
Diluted earnings per share		$	1.77			$	1.86			$	0.38
Dividends declared per common and redeemable preferred shares		$	0.41			$	0.36			$	0.34
Weighted average number of common shares used in the determination of:
Basic earnings per share			15,832,328				15,739,056				15,290,509
Diluted earnings per share			15,935,962				15,865,897				15,401,653

FAQ

What caused Consolidated Water (CWCO) revenue to decline in 2024?

CWCO's revenue declined 26% to $134 million due to the completion of two large construction projects in June 2024.

How much did CWCO increase its dividend in 2024?

CWCO increased its quarterly dividend by 15.8% to $0.11 per share in August 2024.

What is the status of CWCO's Hawaii desalination plant project?

The $204 million project is progressing through pilot, design and permitting stages, with construction expected to begin early next year.

How much recurring O&M revenue did CWCO generate in 2024?

O&M recurring revenue increased 51% to $29.3 million, including $6.1 million from REC acquisition.

What was CWCO's retail water performance in Grand Cayman for 2024?

Retail water sales in Grand Cayman increased 4.5% to 1.01 billion gallons, with customer connections up 4.3%.