NASSAU, BAHAMAS — FOCOL Holdings Ltd, the BISX-listed petroleum supplier is anticipating a strong third quarter after its earnings in March were 34 percent ahead of the same period last year.
FOCOL Chairman Sir Franklyn Wilson shared the company’s results for the second quarter ended March 31st 2022 in a report to shareholders.
He noted that net income for the six months ended March 31,2022 was $7.1 million compared to $6.1 million for the same period last year.
“This increase in year-over-year earnings is an early indication of the basis for Management’s optimism for a strong post Covid-19 recovery,” Sir Franklyn said.
“Sales volumes continue to rebound in most segments of the group, particularly those that cater to the tourism industry, either directly or indirectly. Based on the monthly trends, the pace of recovery is steadily increasing with earnings for March 2022 being 34 percent ahead of March 2021,signaling an even stronger third quarter ahead.
“As spiking oil prices continue to be a challenge both globally and locally, Management remains extremely vigilant in customer service, efficiency, and operational excellence to ensure that we maximize the value proposition to our customers,” he added.
Gas prices in New Providence have been above $6 a gallon for more than a month as the war between Russia and Ukraine wages on. A recently released Inter-American Development Bank (IDB) study noted that The Bahamas – based on 2019 figures – is the largest importer in the Latin American and Caribbean region of Russian gas and oil.
