FOCOL Holdings Limited recently held its annual general meeting of ordinary shareholders to celebrate “20 Years of Consistency” in providing dividend payments, customer service, staff development and sector growth. FOCOL credits sound leadership, godly wisdom and a passion for world-class excellence with its longevity and success. Since going public in 1999, FOCOL has returned $170 million in cash to its investors and positioned itself as one of the great Bahamian success stories. Said Anthony Robinson, FOCOL President and CEO: “Sir Franklyn Wilson, Caryl Lashley and I were given the task to take FOCOL public by 1999. We quickly settled on the theme “Fuel Growth for People” and offered the public the opportunity to purchase shares at $5 per share. An investor who purchased 1,000 FOCOL shares for $5,000 in 1999, as at fiscal year-end 2019, owns 12,000 FOCOL shares, valued just under $41,000 and would have received dividends of just under $15,000. FOCOL has consistently paid quarterly dividends for twenty years without fail. This achievement clearly demonstrates that for FOCOL, fueling growth for people is more than a slogan, but our core business strategy.”
Over the past 20 years, the leadership of FOCOL has sought to place Bahamians with the right blend of qualifications and experience in positions of administrative and technical leadership within the company. The company has steadily increased its overall staff complement of 104 persons in 1999 to a team of 472 employees in 2019, while remaining committed to delivering excellent customer service. “Our passion for customer service was evident after the passing of Hurricane Dorian,” Mr Robinson recalled. “Our maintenance and engineering staff were immediately deployed to Abaco. Temporary mobile fueling equipment was shipped from Nassau and strategically placed to restore fuel distribution on Abaco and its cays. As a result of our staff’s commitment, fuel distribution was restored within days of the passing of the storm. This helped to restore a sense of normalcy on the island.” FOCOL has progressively expanded vertically and horizontally within the petroleum industry and related sectors. This success is depicted in an earnings chart with a clear upward trajectory. For the first two quarters of fiscal year 2020, FOCOL has seen a net income of $16.3 million compared to $11.5 million for the same period last year.
According to Sir Franklyn Wilson, FOCOL Chairman, fiscal year 2020 will see the company “pivoting” towards projects that will expand its range of revenue streams in Grand Bahama. “FOCOL is particularly well balanced in terms of having considerable storage capacity adjacent to Borco, having access to the harbour and having a pipeline going from our storage capacity to the harbour. This combination of circumstances positions the company to do more in the area of bunkering,” said Sir Franklyn. “The cruise industry is changing very dramatically. The fact of the matter is, as more of these cruise lines change where they do what, all of that will have implications for a company like FOCOL. So bunkering is a business that we see as being a part of our future to a greater extent than it is today,” he added.