The managing director of Bahamas Waste says 2011 has been an exciting yet challenging year. With more than $1 million invested in a biodiesel project, and more funds allocated to a recycling program, the firm is trying to make smart investments for the future, Francisco de Cardenas said.
He anticipates 2012 will mean further strides in these areas and real-time benefits for investors.
"We're hoping to iron out all the kinks shortly," he told Guardian Business yesterday. "Obviously the environment benefits are boundless. The rest depends on world markets and fossil fuels. It is fairly stable at the moment, but if they go crazy then we have achieved our objective."
Pursuing biodiesel as a "protection from outside forces", Cardenas said the program ensures Bahamas Waste remains competitive and allows the firm to hold costs and ideally pass those on to the consumer.
In November, Guardian Business toured the biodiesel facility on Gladstone Road and received an update on the cutting-edge division. Cardenas declared that his entire fleet will be powered through biodiesel by this time next year.
The managing director also pointed out that, despite the investment in this area, the company has no long-term debt, giving it the opportunity to take on future liabilities.
Total liabilities contracted by $20,587, or -2.37 percent, to $847,188. The company continues to aggressively pay down its five-year note on property across from the Gladstone location.
Although he wasn't able to discuss specific plans at this time, Bahamas Waste "is always looking for new opportunities".
One project on the company's radar is the "clean-up" contract for Baha Mar. However, Cardenas stressed that it goes well beyond collecting garbage and construction materials.
"Obviously we would like to be part of that process," he said. "We don't just provide services. We like to be part of the problem solving procedure and working with whomever on the logistics and volumes and providing recommendations."
Private garbage collection is another relatively new field of business for Bahamas Waste. The government offered up several contracts for residential collection in 2011, he said, and the company looks to continue this business relationship in the future.
Stakeholders should also note that Bahamas Waste, along with three other major waste collection firms, is currently in negotiations with the government to privatize the landfill in Nassau. Although the process will take time, there is optimism that this shift could take place, adding a new dimension to the company.
United Sanitation, Bahamas Waste, Waste Not Ltd. and Bahamas Renewable Energy Resources Ltd. have spent hundreds of thousands of dollars bringing in consultants to draft a detailed proposal for the private management of the landfill.
The proposal includes an action plan to form a management company, bringing in much-needed infrastructure, and excavating new "cells" for distributing waste.
Plenty of water must flow under the bridge, but in all, 2012 holds promise for Bahamas Waste.
"2011 was positive in many ways," Cardenas told Guardian Business. "I think we're just going to try and concentrate on the business at hand in 2012, and unless anything exciting comes up, hopefully pay a nice dividend next year."
Click here to read more at The Nassau Guardian
