NASSAU, Bahamas — FOCOL Holdings Ltd. continued to build upon the momentum it gained during its COVID-19 rebound in its second quarter, with a 48 percent increase in profits for the six-month period ending March 31, The Nassau Guardian reported on Wednesday, May 24, in an article written by Paige McCartney.
In the company’s recently released financials, FOCOL Chairman Sir Franklyn Wilson revealed that total net profit and comprehensive income was $11.6 million, compared to $7.1 million for the same period in the previous year.
“The increase in FOCOL’s year-over-year total net profit and comprehensive income continues to be supported by the recovery of the local tourism industry and the global relaxation of the COVID-19 restrictions. Management is confident that should this trend continue, FOCOL’s earnings will soon return to the pre-pandemic level,” he said.
“Management remains focused on customer service and operational excellence while embracing new opportunities across the industry.”
The numbers build upon the growth registered in the first quarter for the oil company, which saw total net profit and comprehensive income of $5.7 million, compared to $2.3 million for the three months ended December 31, 2022.
The growth also coincided with added demand from increased tourism numbers and Bahamas Power and Light’s (BPL) incremental fuel charge increases.
It comes after two years of depressed earnings during the COVID-19 pandemic, on the heels of which FOCOL closed its 2021 financial year down 30 percent; and the war in Ukraine, during which time the price of oil per barrel peaked over $100.
See article in The Nassau Guardian at https://thenassauguardian.com/focol-reports-48-percent-increase-in-profits/
