2016 was a great financial year for Belleville’s electricity provider, according to company executives.
At its annual shareholders’ meeting Veridian Chair Adrian Foster announced the utility brought in consolidated net earnings of $10.4 million last year.
Among the financial highlights, a total of $7.73 million in dividends and interest payments to shareholders, with shareholder equity rising 4% per year since 2011 and an “A” issuer rating reflecting the company’s prudent management and reasonable financial profile.
It’s good news for the city of Belleville, which has a 13% stake in the company.
Foster and President Michael Angemeer also provided an update on a number of awards the utility received last year as well as an ongoing review of a potential merger with Whitby Hydro.