Watlington Waterworks has reported a 53 per cent jump in net profit in the first half of 2024 compared with the prior year period.

In a directors’ report to shareholders filed with the Bermuda Stock Exchange, Watlington reported first half net earnings of $1,815,167, which compares with $1,185,127 in the first half of 2023.

Earnings per share were $1.67, which compares with $1.10 in the prior year period.

The company said: “The first quarter 2024 started weaker than 2023, but in March we entered a dry period with strong sales for the second quarter.

“As a result, the piped water sales ended up 16 million gallons higher than in 2023 for the same period.

“Bottled water sales strengthened by 5.4 per cent and piped water sales strengthened by 17 per cent, driven by the contrast in rainfall year on year.”

The net effect on the total revenues for the consolidated company, Watlington said, was $6,729,834 compared with $5,744,518 for the same period in 2023.

Watlington reported: “The company’s three-million-gallon reservoir project continued with installation of piping and equipment. With the temporary pump installed, the reservoir is supplying water to the distribution system when needed.

“The Middle Road trenching project is still 1200 feet from Barnes Corner as Belco has not yet resumed the trenching for their cables and our pipe.

“The company continues to invest in and replace infrastructure.”

The BSX-listed company is engaged in the production and distribution of drinking water, the purification of water and the sale of plumbing supplies.

It was founded by Sir Henry Watlington in 1932 to support the tourist industry. It is still located at its original address: 32 Parsons Lane, Devonshire.