07:59 AM EST, 02/18/2025 (MT Newswires) -- Caribbean Utilities Co. Ltd. (CUP-U.TO) over the holiday weekend reported an increase in net earnings for fiscal 2024 and provided an update on its capital projects.

Net earnings for fiscal 2024 were US$42.7 million, a $4.0 million increase from net earnings of $38.7 million for the 12 months ended December 31, 2023. It said this increase was attributable to a 3% increase in kWh sales, 3.2% base rate increase effective June 1, 2024 and the Z-Factor revenue for BESS and Resiliency projects. These factors, it added, were partially offset by higher depreciation, general and administrative expenses and maintenance costs.

In addition to an increase in operating income, the net other income increased in Fiscal 2024 due to higher income from pipeline operation, recovery of billing in arrears related to pole attachment and lower finance charges.

On capital projects, in 2024 the company invested $100.6 million in construction of the BESS, LCU, Resiliency projects and the upgrade of its generation, transmission and distribution assets. It said the above capital projects will "enhance reliability, ensure safe delivery of electricity and provide fuel cost savings for the customers of Grand Cayman". Some of these projects will also assist in the reduction of carbon emissions, which is in line with the company's target of 70% reduction of emissions by 2037, it added.