FESCO has experienced yet another successful quarter in which the service station chain has shown very promising results.
Net profit for the period ending September surged by 125.98 percent from J$72.08 million to J$129.29 million. Total net profit thus far for the half-year segment of the company’s business cycle already exceeded the entire financial year ended March 2022 by J$27.44 million. Last year’s business cycle estimate stands at J$253.64 million while this year it is currently at $281.08 million with another 6 months to go.
For the quarter ended June 30, 2022, revenue numbers for the company have jumped 187.7 percent for a year-on-year increase. Analysts are now pointing to key factors that might affect such results, the price of fuel played a major factor. The prices for refined gasoline have increased along with diesel.
Operating expenses for the period stand at J$65.70 million and J$130.74 million year to date. As the company looks to expand operations and renovate areas look for the number to increase.
Recorded finance income for the quarter is at J$4.81 million compared to an income of J$1.52 million last year. This reflects a 217.31 percent increase. There has been a 21.73 percent decline in year-to-date finance income, currently, it’s at J$5.57 million compared to J$7.11 million last year.
The company has been funneling money into expanding the business and opening up more stations around the island. The company opened up two additional service stations during the quarter at Whitehall, St. Elizabeth, and FESCO Ocho Rios which is much more recent on November 11, 2022.
