Watlington Waterworks Ltd posted net income of $3.471 million for 2024, citing a dry start to the year and solid gains across its utility and bottled water divisions. The company reported earnings per share of $3.20.

The results were outlined in the company’s annual directors’ report, filed with the Bermuda Stock Exchange.

The uptick in profits was largely attributed to “a prolonged dry period in the first half of the year,” which drove demand for piped and bottled water.

Utility water sales surged to 222 million gallons, up from 181 million in 2023, bringing in $3.125 million in net income.

Even with a stretch of heavy rainfall between August and October, which saw more than double the usual precipitation, overall sales remained strong.

The bottled water division recorded a 7.7 per cent increase, selling 15,000 more bottles than the previous year.

Watlington also made strides in infrastructure. The company substantially completed construction of the new Luke’s Pond Reservoir, expanding piped water reserves from 1.6 million to 4.6 million gallons.

A new pumping station was commissioned in December, providing “added system capacity and operational flexibility”.

Watlington increased production at its seawater and brackish water reverse osmosis plants and cut losses in its distribution system, key moves that the company helped strengthen performance.

Leadership also saw a major shift at year-end. Jon Burull, the president and chief executive, retired on December 31 after 35 years with the company.

He has been succeeded by Roger Todd, who joined Watlington in July as chief executive officer designate.

Mr Todd previously served as permanent secretary in the Public Service and led public transportation initiatives such as Bermuda’s electric bus rollout.

He also spent part of his early career at Belco, finishing as vice-president of power generation.

The company said it plans to continue focusing on capital projects and expanding its market presence in the year ahead.

The 2025 annual meeting will take place on June 19 in the Cable & Wireless Room of the Bermuda Underwater Exploration Institute.