NASSAU, BAHAMAS — BISX-listed FOCOL Holdings Limited saw a net consolidated income of $21.4 million for its 2022 financial year which represented a nearly $5 million increase over its financial performance the year prior. 

According to the petroleum products supplier's 2022 annual report, 2022 represented a year of "partial recovery' from the effects of the COVID-19 pandemic.

"The increase in economic activity post-pandemic accounts for the rise in int inform for the year. Year 2022 also represented a year of challenges; mainly the Russian led war on Ukraine, supply chain disruptions and rising inflation.

"Despite these challenges, the tourism and construction industries in The Bahamas and the turks & Caicos Islands started to rebound. This translated into increased activity in the transportation sector and positively impacted the level of petroleum products sold throughout The Bahamas and The Turks & Caicos islands by our network of wholesale operating companies and retail service stations," the Group's management discussion and analysis noted.

In 2022, the Group converted $27 million of overdraft facilities to long-term debt. The long-term debt bears interest at Bahamas Prime plus 0.25 percent or 4.50 percent per annum.

The group continues to explore expansion into the renewables sector and noted that continued growth in tourism and construction will enhance the group's profitability.

Click here to read more on the Eye Witness News website