NASSAU, Bahamas — After closing its 2022 financial year with income up nearly $5 million over the previous year, FOCOL Holdings Limited saw continued momentum in the first quarter of financial year 2023, with income up more than $3 million, The Nassau Guardian reported on Thursday, March 9, 2023, in an article written by Paige McCartney.
FOCOL Chairman Sir Franklyn Wilson said at this pace, the company is poised to return to pre-pandemic earnings levels.
“Total net profit and comprehensive income for the year ended September 30, 2022 was $21.4 million, compared to $165 million for the previous year. The recovery of FOCOL’s year-over-year earnings continues to be supported by the strong rebound of the local tourism sector and overall improvement in the global economic environment. With the steady increase in business activity, management remains focused on customer service and operational excellence across all sectors,” he said in the company’s Q4 2022 quarterly management and discussion analysis (MDA).
In the Q1 2023 MDA, Sir Franklyn said, “Total net profit and comprehensive income for the three months ended December 31, 2022 was $5.7 million compared to $2.3 million for the same period in the previous year. Management is encouraged by the first quarter results, which are trending in the right direction. Should this trend continue, we are confident that our earnings will return to the pre-pandemic level in the near future. Management continues to embrace the return to normalcy with optimism and a keen focus on customer service, efficiency, and operational excellence.”
These improved earnings come after FOCOL closed its 2021 financial year down 30 percent amid the ongoing impact of the COVID-19 pandemic and the war in Ukraine. At the time, the price of oil per barrel peaked over $100 per barrel, but has since dropped to near pre-pandemic levels globally. The price of Brent crude as since fluctuated in the past year, but has held steady below $90 per barrel in the past month.
As of yesterday, it was down to $82 per barrel.
See article in The Nassau Guardian at https://thenassauguardian.com/focols-income-in-2022-and-q1-2023-up-after-covid-losses/
