Price hike and customers boost CUC’s sales
(CNS): Caribbean Utilities Company has published its annual audited results for 2017 and the figures reveal that the power firm’s boost in sales came from an increase in customer numbers and last year’s price increase imposed on customers. New clients increased sales by 2% but a 1.6% base rate increase swelled the monopoly firm’s coffers. Electricity sales revenue increased by $1.6 million for the 2017 fiscal year to $81.8 million when compared to $80.2 million for 2016, the firm stated.
CUC’s president and CEO Richard Hew said 2017 was another positive year for the firm and it weathered the cooler days.
“Although sales were lower than forecasted mainly in the fourth quarter due to wet and cool
weather, the Company was still able to absorb the first full year of depreciation and finance charges
related to the 2016 Generation Expansion Project and post reasonably strong financial results,” Hew said. “Through the efforts of all of our employees, the Company continued to adequately control its expenses while at the same time providing a safe, reliable and efficient service to our customers across Grand Cayman.”
He also stated that the company achieved the Investors in People Gold standard, completed a
Company record of 979 days without a lost time injury and was able to complete the public
consultations for the Integrated Resource Plan study which will give direction for future energy generation plans for Grand Cayman. The study is now with the regulator awaiting approval, Hew explained.
Category: Business
Typical private sector mentality!! Rob us every chance they get.
If anyone took the time to read the report that would have noted that the Company’s earnings decreased in 2017
from what?, high expenses from paying out “overtime”?
Increasing profits while consumers try their best to cut down there cuc bills. More people are using energy efficient led bulbs, and other efficent appliances to lower consumption, there fore monthly bills yet cuc records increasing profits! Why do we the consumer pay more for energy efficent appliances to save money and then the government allows price increases to the sole energy provider that allows them to continually increase their profits? What’s the point of saving energy if the price per kW keeps going up in order to ensure the electric company maintains a base line of profit and profits keep growing.
That’s why we need to open up the market make these guys have to compete in a world where customers have choices between higher standards, better service and lower prices.
Fee free to buy shares … see cup.u on tse or on the customer share purchase plan. Yo may also note that the dividend rate has not changed in a decade. Rate increases reflect inflation.
The study is with the regulator waiting aproval, Hew explainedd . Look out for another $$ raise in your ulity bills .
my entire 1100 sq foot house is all energy saver light bulbs. my tv is LED. Gas stove and gas on demand hot water heater. I have installed a nest on my air con so it only turns on when i get home from work. Yet I still pay 200 + CI for electricity. Could my fridge and air con be consuming that much?!
Yes.
Is the house insulated and kind of air tight?
CI$200? you is lucky mon!
I agree. Check you insulation & what temp do you run your a.c? I only pay $120 for my 1250 square foot condo with same appliances as you.
Day time temp 80f and nighttime 76f when I’m home otherwise goes to 82f.
Deffo the fridge and AC.
Anonymous 9:19 am , did you read Anonymous 2:28pm comment. That person saving might be because their A/C is never really turned off but running at minimal economic temperature that doesn’t take alot of energy to put it back to desired temperature . But how you’re doing it takes twice as much energy .
Glad to know I could contribute – albeit unwillingly – to Mr. Imperato’s bottom line and to his latest project – the high-rise complex slated to destroy the ambience of the Rum Point area!! Almost forgot, helped pay for hangar fees for his jet!
Never been a better time to go solar.
Any customer of CUC could be a shareholder: they have a plan whereby you can buy shares on a monthly basis called the “Customer Share Purchase Plan”.Had you done that maybe you would not be complaining so much.
All true but IMO rum point already changed for the worse with that horrible car park.
That is the crappiest car park I’ve ever been lost in. Turn it into putt-putt golf, try to charge less than CI $50.00 for 9 mini holes, and I MIGHT come back. Sheesh!
100% agreed with destroying the ambience of Rum Point. Sadly already rubber stamped by CPA despite removing iron shore without approval. Yet, I need planning approval to clear my land to build my home. How come the money people always get their way and the poor man continues to struggle.
Answer: money
To those who have much, more will be given. From those who have little, everything will be taken. (No I’m not quoting the Bible though versions of this saying appear in it).
Keep in mind he bought the majority shares when CUC was going bankrupt back in the early 70’s.
Cayman Government agreed to a long term deal that would prohibit any increase rates for 20+ years. After that, increase in fees would and rise.
Dont blame JI. Blame the government.
If you are in business, you are in it profit/make money.
And if you are here on earth you are here to make more money and have more stuff than the next person.
979 days without a lost time injury but how many power cuts in that period?.
I agree, it would be better to injury or kill some staff than have power off for an hour or so. How selfish are CUC?
Preach brother!
23.8 million dollars in profits, in 2017
$13.20 per share with .17 in annualized dividends per share
Not the worst place to put your money, if you are smart about it
Their stock has been steadily rising since the financial crisis (which was a great time to buy if you had the money)
It is a waiting game though and nothing compared to the hundreds (if not thousands we hand them every year)
Buyers Beware hurricane season is almost upon us, we might not be so lucky this year (again would be a good time to buy assuming you have the money)
Good news E. Nygma, you are about to like the stock even more. The .17 is a quarterly dividend, .68 annualized.
Really, I misread it then
That’s honestly better than I imagined
Bought CUC shares years ago. Am a local Caymanian and am paying my electric bill, groceries, cable, phone and more with the CUC dividends I receive every quarter.
You must have about one billion shares.
Can you put that in English? How much did their stock go up in 2017? YTD?
https://web.tmxmoney.com/charting.php?qm_symbol=CUP.U
You can see all the info for yourself using the link above if you are interested
As for their stock price in 2017 it started close to $13 and ended at $13.79
so over 1 year a .79 increase
Also I should have stated all of these ammounts are in USD not KYD
Chart looks flatlined to me.
Ever heard of Google? CUP.U
Ever hear of humans talking to humans?
Google “bite me”.
Ever hear of a sex robot?
Probably more than it should without the guaranteed income agreed by government…paid for by the people. It would be interesting to see who the major shareholders are and who benefits from the status quo.
It would have been quicker to Google than ask the question!
Would have been quicker for you to not write anything Einstein. The reason I asked is so you could answer, show how good of a googler you are and get the answer out here on the forum so people could see it was a pretty lame investment for 20017. You can return to your robot overlords now.
@ E Nygma , I would hate for you to be my financial advisor. If hurricane season is coming, then it would be possible for lots of damages and lots of repairs , which is going make your investment worth less . I say buy when those shares becomes worthless . what are you smoking, I’ll buy shares in that .
Agreed. It’s a crappy investment
I would hate to ask your for advice (financial or otherwise) seeing as you have a reputation for not reading comments or articles, misunderstanding or mistinterpreting constantly, making wild assumptions and consipiracies and then writing the most thoughtless of comments to finish it all off
Don’t worry about my finanical situation though, proably alot better off than you are
Certainly not the best place either.