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FOCOL reports net income increase; mulls entering power generation sector

  • From left are Lindor Nickson, Freeport Oil Company Ltd. (FOCOL) assistant general manager; Sir Franklyn Wilson, FOCOL chairman; Anthony Robinson, FOCOL president & CEO; and Stephen Adderley, FOCOL general manager.

Senior Business Reporter

Published: Apr 20, 2017

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FOCOL Holdings Limited reported having a “transformational” 2016 at its annual general meeting (AGM) last month, with the company’s net income increasing 51.7 percent from $20.5 million in 2015 to $31.1 million in 2016.

With larger profits being recognized, FOCOL President and CEO Anthony Robinson suggested in a FOCOL press release that in the near future the company might consider exploring alternative power generation models like solar and natural gas. The company might even consider entering the power generation sector, Robinson suggested.

“So we are just trying to solidify our current base and use the profitability that the company now enjoys to pivot into where we see the market going in the next ten, 15, 20 years,” he said.

FOCOL Chairman Sir Franklyn Wilson in the company’s annual report attributed the bottom line increase to directors’ and management’s “commitment to certain strategies and capital investment plans”.

“FOCOL’s improved financial performance in 2016 is directly related to the manner in which these strategies have been executed and capital investment plans implemented,” said Wilson.

FOCOL held its AGM at SuperClubs Breezes Resort on March 30, where Robinson heralded 2016 as “transformational” for the company, which went public 17 years ago.

According to the annual report, FOCOL was able to increase its dividend payments from 22 cents in 2015 to 29 cents last year.

The company’s press release on the AGM points to its work post-Hurricane Matthew as “the most intriguing revelation of the meeting”. FOCOL repaired the fuel import berth at Clifton Pier following the hurricane.

While the company was under no obligation to repair the berth, Robinson and Wilson said, at the AGM the company took on the task, which should have fallen to Bahamas Power and Light.

“The group performed a little-promoted rescue of truly national import, which averted a further devastating blow to the Bahamian economy and the quality of life during a time when the residents were fearing the worst,” the release stated.

“The fuel import berth at Clifton Pier sustained damages during the storm that threatened to impair BPL’s near-term capacity to import fuel. Sir Franklyn outlined the grave implications of this threat on the quality of life for residents and its harm to commerce and the national economy.”

Wilson added: “Into the breach stepped the management of FOCOL. It was owing to the skilled team of engineers and technical professionals at FOCOL that the impending disaster was averted.”

FOCOL also donated more than $250,000.00 in 2015 and 2016 to help communities throughout The Bahamas hardest hit by hurricanes.

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Last Updated on Thursday, 20 April 2017 03:50

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