FOCOL sees 38 percent net income increase year over year for Q1

FOCOL sees 38 percent net income increase year over year for Q1
Focol plant in Grand Bahama

NASSAU, BAHAMAS – FOCOL Holdings, the BISX-listed petroleum products supplier saw a 38 percent increase in its net income for the three months ending October 31, 2019 compared to the same period the previous year.

According to the company in its recently released unaudited results for the first quarter ending 2019, “Net income for the three months ended October 31, 2019 was $9.1 million compared to $6.6 million for the same period last year (2018).

According to FOCOL’s chairman Sir Franklyn Wilson, “Hurricane Dorian caused significant damages to our fuel storage depot and service station in Marsh Harbour Abaco and Grand Bahama. Upon passing of the storm our engineering and maintenance staff were immediately deployed to Abaco. Temporary mobile fueling equipment was shipped for Nassau and strategically located to restore fuel distribution on Abaco and the cays.”

He continued: “As a result of the commitment of our staff, fuel distribution was restored on Abaco within days after passing ofHurricane Dorian. Despite being personally affected by Hurricane Dorian, management and staff on Grand Bahama were able to restore fuel distribution on the island within hours after the passing of the storm.

“Ongoing assessments are being conducted to evaluate the total impact of the on the assets of the Group for insurance and restoration purposes.”