NASSAU, BAHAMAS – Freeport Oil Company Holdings Limited (FOCOL), a premier energy provider serving The Bahamas and the Turks & Caicos Islands, reported net income of $29.6 million for fiscal year 2024.
Building on this solid financial foundation, the company’s strong Q2 2025 performance—with net income reaching $20.1 million at mid-year—positions FOCOL to exceed last year’s earnings, according to company executives. This optimism comes as the energy innovator continues to invest heavily in critical infrastructure projects, including LNG and solar developments, aimed at expanding capacity and supporting sustainable growth.
FOCOL held its Annual General Meeting on Thursday, July 3, 2025, at the Harry C. Moore Library and Information Centre at the University of The Bahamas, where executives reviewed the company’s strong financial performance and outlined key projects and strategic initiatives driving growth and sustainability.
“Last year, we recorded net earnings of $29.6 million for the entire fiscal year. This year, at mid-year, our net earnings were $20.1 million,” said FOCOL President and CEO Dexter Adderley. “The second half of the fiscal year is typically stronger than the first. So, based on those assumptions, we are well on the way to having a strong performance this fiscal period.”
Adderley highlighted major ongoing infrastructure projects fueling the company’s momentum. “In 2024, FOCOL signed a Power Purchase Agreement (PPA) with the Government of The Bahamas and Bahamas Power and Light (BPL), committing to expand energy generation capacity in New Providence. Right now, the fourth 30-megawatt GE gas turbine is being installed at Clifton Pier. We are advancing steadily and building real capacity.”
Another cornerstone of FOCOL’s energy transformation is the construction of an LNG storage and regasification facility at Clifton Pier, which began following the March 2025 signing of a Terminal Development and Use Agreement. “Work has already started,” Adderley said. “All major materials and equipment have been ordered, and several key contracts executed. This project is developing extremely well and is central to our long-term growth.”
The company’s ability to finance these transformational projects received a significant boost when the U.S. Export-Import Bank (EXIM) approved a nearly $100 million loan facility to support the LNG to Power initiative. The facility, arranged in partnership with Banco Santander, underscores international confidence in FOCOL’s strategic direction and execution capacity.
Clinton Rolle, Managing Director and General Manager of Sun Oil Limited, emphasized the deal’s importance: “The EXIM approval is a real signal and vote of confidence—not just in the country’s energy strategy but in FOCOL’s ability to deliver world-class infrastructure. This project aims to provide clean, affordable, reliable energy to Bahamians, aligning perfectly with EXIM’s goals of sustainable power production and social upliftment.”
On employee empowerment, Rolle shared strong praise for FOCOL’s stock ownership program. “Last year, more than 250 employees seized the opportunity to purchase shares when they were trading at $5 each. Those shares are now trading at over $6.15. This program is a tangible way to build generational wealth for our people. It’s more than salary or bonuses — it’s true ownership and participation in the company’s success.”
Barbara Pinder, Group Financial Reporting Manager, outlined the financial rigor behind FOCOL’s growth. “Securing financing from institutions like EXIM required meticulous financial modeling and complete transparency. It was rigorous but demonstrated our discipline and commitment to high standards. We’ve designed a financial framework that’s not only viable but scalable, positioning us well for sustainable expansion.”
Esaura Cumberbatch, Group HR Manager, detailed the company’s efforts to nurture Bahamian talent. “Our Emerging Leaders Summer Internship Programme mentors high-achieving students in science, engineering, and environmental studies, giving them hands-on experience. We seek not just employees, but future leaders who embody entrepreneurship, innovation, and results orientation.”
Cumberbatch added, “Building capacity isn’t just about numbers. It’s about developing professional growth and embedding a culture of accountability and innovation. That’s how we ensure FOCOL’s success continues.”
FOCOL Chairman Sir Franklyn Wilson praised the leadership team’s vision: “Dexter Adderley is an exceptional business leader. The company’s investments in sustainable energy, infrastructure, and people are exactly what The Bahamas needs for long-term development. Seeing a Bahamian-led enterprise execute at this level is deeply encouraging.”
With strong financial results, critical infrastructure underway, and a growing, empowered workforce, FOCOL is positioned for continued success. As Adderley concluded, “The progress we’re making now is only the beginning. We’re creating the capacity for even greater growth to come.”
