FOCOL Holdings reports 23 percent increase in net income
The Nassau Guardian June 15, 2020
In the midst of the growing coronavirus (COVID-19) pandemic, FOCOL Holdings Limited reported a 23 percent increase in net income in its latest third quarter results.
FOCOL Chairman Sir Franklyn Wilson said in the report for the third quarter ended April 30, 2020 that net income was $21.5 million, compared to $17.5 million reported for the same period last year.
Wilson said despite country-wide shutdowns due to COVID-19, FOCOL remained strong. He said he is hopeful the results can remain strong as the country prepares to reopen its tourism sector.
“The impact of the novel coronavirus on the Bahamian economy and our business since March 2020, has garnered management’s full attention,” said Wilson.
“Management has implemented the appropriate COVID-19 procedures to ensure the safety of our customers and staff.
“To date, FOCOL’s overall financial performance remains strong and we are hopeful that upon the reopening of the tourism industry, we can sustain our results.”
The company’s third quarter results continued on the heels of the damage sustained to its assets during Hurricane Dorian, though the company reported net income for the period ended January 31, 2020 at $16.3 million compared to $11.5 million year on year.
“Despite damage to our gas stations and fuel storage terminals on Abaco and Grand Bahama, the company’s overall financial performance remains strong,” Wilson said in the report.
“The timely response of our engineering and maintenance staff after the passing of the storm, mitigated potential loss of revenue on Abaco and Grand Bahama,” he added.