STUCO Has 18.7 Million War Chest

Oranjestad -St. Eustatius Utility Company (STUCO) appears to have a very healthy balance sheet.

According to information from the Kingdom Audit Service (Auditdienst Rijk), the utility company had built up a total of no less than 18.7 million US dollars at the end of the financial year 2018.

Stuco’s equity was more than USD 14 million at the start in 2014 (9 million in cash and 5 million in assets). At the end of 2017, partly due to the transfer of drinking water assets, the equity capital according to the draft financial statement 2017 is approximately USD 19 million. Versant expects equity capital to be around USD 18.7 million at year-end 2018.

The Audit Service concludes that STUCO realized a small loss on the supply of power in the year 2017, but will probably have realized a small profit in the year 2018. The company does incur in losses when it comes to the supply of water on the island. Versant expects STUCO to reach a break-even point on the supply of Water in the year 2020.