Bahamas Waste Limited

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What it is

Bahamas Waste Limited was incorporated under the laws of the Commonwealth of The Bahamas on 18 August 1987 and is engaged in the business of solid and medical waste collection, disposal, and recycling, including the sale, installation, rental, and maintenance of waste compactors and containers.

Nassau’s premier waste management service provider, it handles more than a third of the waste produced in New Providence each year. Business lines beyond residential and commercial rubbish collection include a medical waste disposal facility, portable restroom provision, and cardboard recycling.

The company has publicly traded shares registered on the Bahamas International Securities Exchange — the only listed waste management company in the country. There is no corporate income tax imposed in the Commonwealth of The Bahamas.

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Who owns it

The BISX corporate-details page lists the following board members: Peter Andrews, Robert Lotmore, Francisco De Cardenas, Philip Andrews, Marvin Bethell, and Walter Wells — all based in Nassau.

Not published: the exact percentage of shares held by individual directors, any controlling shareholder block, or the public free-float are not disclosed in BISX filings, the 2022 or 2023 annual reports, or the Bahamian securities regulator’s publicly available materials. The BISX Listing Rules require listed companies to disclose material changes in ownership, but a full share register is not mandated for public release under current Bahamian securities law.

A 2022 disclosure referenced a share buy-back of 3,650 treasury shares, confirming active capital management, but no controlling-shareholder register is publicly available.

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Who runs it

Francisco de Cardenas serves as Managing Director — the company’s chief executive — and has held that role for at least a decade. Peter Andrews is Chairman of the Board.

Not published: a dedicated Chief Financial Officer is not named in the 2023 Annual Report, the BISX corporate-details page, or any available exchange filing; financial responsibility appears to reside with the Managing Director and board. No CFO title is disclosed in any source searched.

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The money, in plain words

Not published: the income-statement tables (total revenue, net profit, operating costs) and balance-sheet totals (total assets, shareholders’ equity, debt) from the 2023 Annual Report — the most recent audited accounts available, for the year ended 31 December 2023 — are embedded in scanned-image PDF pages that the document renderer could not extract as text. The same limitation applies to the 2022 Annual Report (KPMG-audited, IFRS-compliant).

Both reports were opened directly from the company’s website and from BISX; the narrative text renders fully, but the financial tables do not. Accordingly, net margin, return on equity, and price-to-earnings cannot be calculated or confirmed.

The Q3 2024 quarterly financials were posted to BISX on 28 December 2024 but are likewise stored as non-extractable PDFs. Readers who require the exact figures should download the PDFs directly from the BISX BWL listing page or bahamaswaste.com.

What is clear from the narrative disclosures: the company pays no corporate income tax — the Bahamas levies none — though it does collect and remit Value Added Tax, which stood at 12% from mid-2018. The 2023 chairman’s message confirms an extra dividend was paid that year — three quarterly dividends versus the prior norm of two — signalling a cash-generative year.

BISX data confirms annual dividends of BSD $0.260 per share, giving a dividend yield of roughly 2.5% at the current price of BSD $10.34 = US$10.34 (our calculation). The 52-week price range of BSD $9.50–$10.50 implies a tightly held, thinly traded stock with very little speculative activity.

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What it is doing now

The most recent filings on BISX are the Q3 2024 and Q2 2024 quarterly financials, both posted on 28 December 2024, alongside a dividend declaration from September 2024 — suggesting the company remained profitable and cash-generative through at least the first nine months of 2024. The 2023 annual report cited a boom year driven by the Bahamas’ 50th Independence anniversary celebrations, a thriving cruise-port opening, and a construction surge, all of which drove the delivery side of the business.

The company also holds a 49% minority stake in Bahamas Sustainable Fuels Ltd, a biodiesel joint venture with 700 Islands Energy formed when Bahamas Waste sold a 51% majority in its loss-making waste-vegetable-oil recycling operation in early 2016.

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What to watch

• Annual report for FY 2023 in full: the PDF tables containing revenue, net profit, and equity figures are the single most important gap — download directly from BISX or bahamaswaste.com to fill it.
• FY 2024 annual report: not yet posted to BISX as of the date of this profile (the 2022 report was posted May 2023; the 2023 report April 2024); its arrival will confirm whether the 2024 trading boom carried through to the full year.
• Diesel costs: fuel is the largest variable cost in the fleet-heavy business; any reversal of the 2023 price relief would compress margins directly.
• Ownership transparency: Bahamian securities regulation does not currently mandate a public share register, so a controlling-block disclosure — if it exists — would be a material event for minority shareholders.
• Thin trading: the stock regularly sees zero shares change hands on any given day; an investor buying or selling a meaningful position should expect to move the price.

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This is news, not investment advice.