Welsh Water/Dwr Cymru has confirmed record investment of £456 million in its network in the last financial year.
The non-for-profit company is set to invest a further £366 million over the coming year – part of a new five-year £1.8 billion investment plan to 2025.
Operating costs were £326 million – £10 million lower than in the previous year.
Operating profit (before interest and tax) has fallen to £31m (2019: £69m) due to increasing infrastructure renewals expenditure and depreciation being £23m higher principally due to the revaluation of fixed assets.
Welsh Water also confirmed it has introduced emergency help for thousands of customers as part of its response to the coronavirus (COVID-19) pandemic.
It has arranged payment holidays for over 5,000 household customers in financial need and temporarily suspended payments for approximately 45,000 businesses which have had to close due to the Government’s current social restrictions.
Welsh Water, which serves over three million people across most of Wales and some adjoining parts of England, is also providing £11 million support over the next 12 months to its lowest-earning customers through its social tariffs - support that is helping nearly 130,000 customers with their bills.
It responded to the coronavirus outbreak by successfully moving 2,200 employees to home-working in just a few days in mid-March but still has nearly 1,200 frontline workers working out in communities.
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Glas Cymru chairman Alastair Lyons said: “These current circumstances are amongst the most challenging we have ever faced. We are proud to play our part in not only providing additional support for household and business customers during these difficult times but also ensuring customers still receive the best services possible from our key workers.
“I want to thank everyone in Welsh Water who has worked so hard during the current crisis and over the past 12 months.
"We have had to manage extreme weather events and preparations for a No-Deal Brexit whilst also finalising our Business Plan for the 2020-25 price control.
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"Despite all this, we have reported strong financial and operational results for the past year, and I’m confident that we will build further on this with the investment we plan to make in the next five-year investment period.”
Welsh Water chief executive Peter Perry, said: “This unprecedented situation has meant that we have had to change fundamentally how we work in order to safeguard our employees and I am very pleased that we have been able to achieve this to help play our part in maintaining our essential services and protecting public health."