NASSAU, BAHAMAS – BISX-listed petroleum products supplier FOCOL Holdings saw a nearly $3 million increase in its net income year-over-year, according to the company’s 2019 annual report.
According to the company’s audited financial results, the company saw a net income of $27.97 million for the year-ended July 31, 2019 compared to $25.03 million the previous year.
According to FOCOL chairman Franklyn Wilson, the company expanded its shipping fleet with the purchase of two additional ocean-going ships during fiscal 2019.
The vessels are: the M/V BRAD SUN, named in honour of founding shareholder, Bradley B.E. Roberts and the M/V SUN GAS, a propane gas transport ship, that enables the company to purchase propane directly from the US Gulf.
“Our new ships will significantly improve our shipping efficiency and increase fuel supply resilience for the Bahamas and Turks & Caicos Islands during the Atlantic hurricane season,” said Wilson.
It was noted the FOCOL Group suffered damages from Hurricane Dorian in early September.
“Management is assessing the total impact of such damages on the assets of the Group,” the company noted.
The group was approved for the final draw down of $5 million on an existing $20 million loan facility to finance future capital projects in November 2019, the report added.