Heavy rains during 2023 put a damper on sales for Watlington Waterworks Limited, according to the end of year directors report to shareholders.

The year’s once-in-a-century rainfall total came during a period in which the water provider proceeded with capital works that included replacing parts of a troubled water mains and other equipment.

The directors report said: “The first quarter of 2023 started strong but then the rain started and by the end of the year Bermuda had recorded 77.37 inches, the highest rainfall since 1902.

“As a result, the piped water sales ended up 20 million gallons less than in 2022 – 185 million gallons versus 205 million gallons. Bottled water sales strengthened by 2.1 per cent while piped water sales weakened by 4.6 per cent.

“The net effect on the total revenues for the consolidated company was $11,443,689 compared to $11,747,788 for the previous year, while net earnings declined to $1,990,466 (2022: $2,225,265).”

Diluted earnings per share were $1.80 (2022: $2.05).

The directors report also stated: “The company replaced its 23-year-old Vapour Compressor Evaporator with a higher capacity unit to keep up with the demand for Pure Water.

“The company’s 3MG reservoir project continued throughout the year. The company is currently in the process of installing the necessary pipe and fittings for connection to the pump station and to the existing distribution system.

“The company continued to participate with Belco in the Middle Road trenching project. At the end of the year the trench with our eight-inch HDPE pipe installed was located approximately 1,200 feet east of Barnes Corner where we will be connecting to our existing pipe.

“The company replaced the failure-prone pipe in Lovers Lane and more than 50 per cent of the pipe in White Sands Road. This pipe replacement programme will continue over the following years.

“The company has received proposals for a solar photovoltaic system at the brackish water reverse osmosis and Pure Water site at 32 Parsons Lane which will be evaluated for cost savings and carbon footprint reduction.

“In keeping with its core values, the company is continuing its work to provide its services in an ecologically sustainable manner with a focus on reducing its carbon footprint, cultivating a culture of integrity, and continuing to maintain its excellence in corporate governance.”

The company’s annual meeting will be held in the Cable and Wireless Room of the Bermuda Underwater Exploration Institute, 40 Crow Lane, East Broadway, Pembroke on June 13 at 9.30am.