NASSAU, BAHAMAS — Freeport Oil Company Limited (FOCOL) is well on its way to returning to pre-pandemic levels of profitability, according to company executives.
The BISX-listed petroleum products distributor has maintained its impressive record of quarterly dividends payouts despite dealing with the impact of the COVID-19 pandemic, the war in Ukraine as well as resultant inflation and supply chain disruptions during its 2022 financial year.
During its annual general meeting held at the Franklyn R Wilson Graduate Centre on June 29th, company executives informed shareholders that despite these challenges, a rebound in the tourism industry translated to increased activity in the transportation sector which positively impacted the company’s financial performance.
For its financial year ended September 30th, 2022, FOCOL saw a net consolidated income of $21.4 million for its 2022 financial year which represented a nearly $5 million increase over its financial performance the year prior.
“The results are very positive,” said Franklyn Wilson, FOCOL’s Chairman. “We were able to continue delivering quarterly dividends consistently. FOCOL is the only company listed on BISX that has consistently paid a dividend every quarter. We are determined to justify the confidence placed in our company by continuing that record.”
Wilson added: “COVID is now behind us and I am pleased to echo the sentiments expressed by our CEO that FOCOL has emerged stronger than ever. FOCOL is unique in a number of ways, including our emphasis on continuity and adaptability. Over the years, FOCOL has had two chairmen, Albert Miller and myself, two corporate secretaries, Orville Turnquest and Carol Lashley, and two CEOs, Anthony Robinson and Dexter Adderley. This exceptional continuity speaks to the underlying strength of our company.”
Wilson credited the hard work of the company’s staff, led by its executive team for the company’s resilience and financial success.
Dexter Adderley, FOCOL’s Chief Executive Officer while addressing stakeholders on FOCOL’s 2022 annual report titled “Powering Sustainable Growth,” noted that the company is confident in its future performance as it saw a number of notable achievements across several divisions of its business.
Adderley noted that FOCOL’s marine division continues to expand its fleet, having last year acquired a tanker named MT Trust. By October, FOCOL is expected to welcome another vessel to its marine division, one specially designed to navigate the shallow waters of The Bahamas and Turks and Caicos.
“We have undertaken significant initiatives, including the expansion of our product line and the execution of numerous projects, which are in various stages of development and implementation. This is a natural progression for FOCOL as we strive to cater to the needs of our customers,” said Adderley.
A notable milestone was the launch of a 5 MW solar plant in Grand Bahama, with 20 staff members currently undergoing training to operate the facility. Bahamas Power and Renewables, a subsidiary of FOCOL has signed a 25-year power purchase agreement (PPA) with the Grand Bahama Power Company (GBPC). The plant according to Adderley can supply electricity to over 4,000 homes.
“Overall, FOCOL remains committed to delivering exceptional value to our shareholders, customers, and stakeholders. We are confident in our ability to adapt, innovate, and meet the needs of our customers,” said Adderley.
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