Freeport Oil Company Limited (FOCOL), the sole licensed Shell distributor for the Commonwealth of The Bahamas, hosted its annual general meeting (AGM) for the fiscal year 2015 at the British Colonial Hilton. Drawing a wide cross-section of the company's board of directors, staff, stakeholders and shareholders, the meeting focused on the recent improvements and general progress of the company.
President and CEO of FOCOL Holdings Limited Anthony Robinson presented an overview of the company's overall performance in the fiscal year and praised FOCOL's performance and level of productivity for fiscal year 2015.
"In light of the challenging business environment encountered in 2014, combined with the increase in business license fees and the proposed introduction of VAT in 2015, the directors of FOCOL approved an aggressive restructuring plan to transform the company. The plan involved launching a new business model that required significant capital investment in 2015 and 2016.
"I am pleased to report that the restructuring of the company in 2015 was extremely successful. FOCOL Holdings Limited's net income available to common shareholders was $17.3 million in 2015, compared to $8.1 million in 2014 - an increase of $9.2 million. The diligent and timely execution of our restructuring plan by management has significantly improved the company's financial performance in fiscal 2015. Additionally, we are proceeding with the implementation of the second phase of our plan to complete the transformation in 2016," Robinson said.
In his address, Robinson highlighted a number of the key factors which contributed to the company's recent success.
"Upgrading the infrastructure at our fuel storage terminals in New Providence, Grand Bahama and Turks and Caicos Islands has improved operational efficiencies. In addition, the successful launch of a new portfolio of motor fuels that meet the demands of modern engines and improve fuel economy has resulted in a significant increase in our retail share in 2015," he said.
Robinson also noted FOCOL's introduction of a retraining program for staff to increase the use of industry specific technology to improve productivity and safety.
"The impact of the upgrades and realignment of our retail service station network on New Providence exceeded our expectations in 2015," he said.
Chairman Sir Franklyn Wilson, KCMG, in his response to the CEO's address, said, "Some of the initiatives involved were very sophisticated initiatives. We have genuinely changed the oil business in this country. Few companies in The Bahamas would have internal to it the skillset that would have been required to undertake all of the projects I speak of.
Even fewer companies would have afforded the opportunity for that work to be done, supervised, planned and executed by citizens of this country. We must recognize that FOCOL, because of the record that the CEO spoke of, is beginning increasingly to occupy a very special space in our society. We are now consistently one of the five most traded stocks on the exchange."
All members of the 2014/2015 FOCOL board comprising of Franklyn Wilson, Anthony Robinson, Caryl Lashley, Deborah Archer, S. Rosel Moxey, Russell Miller, Walter Wells and John Bethell, were re-elected for the current fiscal year.
In addition, Bishop Neil Ellis was welcomed to the board as a director.
"I am elated that the management and leadership of FOCOL would consider me as a director. I have shied away from these directorships in the last 20 years or so because I have been very focused in ministry, but this is a company that deals with a product that affects everybody in our country. So to have the opportunity to serve as a director on a company such as FOCOL, I see it as an extension of ministry and an opportunity for greater flexibility for the betterment of our people here in the country," he said.
He commented further that the 2014/2015 report provided a level of assurance and optimism for shareholders moving forward in 2016.
The appointment of the new director follows the passing of FOCOL director Alfred Bismark Coakley in 2015. At the AGM a moment of silence was held in honor of past chairman Sir Albert Miller, KCMG, and Coakley. Sir Albert made invaluable contributions to nation building and was the first chairman of the FOCOL board.
The Bahamas Central Security Depository presented the Scrutineer's Report, which states, "Hereby certify that the total number of shares represented at this meeting proxy is 19,216,048 shares which represent 56.7 percent of the issued on standing shares".
Talia Sweeting, representative of the chartered accountants and consultancy firm, Deloitte and Touche, also delivered the auditor's report at the AGM.
With a productive year and overall success in restructuring and increasing dividends for fiscal year 2015, FOCOL is enthusiastic in completing phase two of the restructuring plan and moving forward with other accomplishments in 2016.
FOCOL is managed by Bahamians and employs over 400 individuals. The board of directors thanked its loyal customers, dedicated staff and shareholders for their continued confidence in FOCOL Holdings Limited.
Click here to read more at The Nassau Guardian
