FOCOL Holdings Limited

What it is

Freeport Oil Company Limited (FOCOL) was formed in 1967 by the Grand Bahama Port Authority Limited as a distributor of petroleum products in Freeport, Grand Bahama. In January 2006, with the acquisition of Shell Bahamas Limited, FOCOL dramatically extended its retailing and bulk petroleum distribution businesses throughout The Commonwealth of the Bahamas and into the Turks & Caicos Islands.

FOCOL is a leading energy company in The Bahamas and The Turks & Caicos Islands, operating through three business segments: Wholesale, Retail, and Utility Services, offering petroleum products via a network of wholesale companies and retail service stations. In 2021 the group expanded into power generation, supplying generators for energy production and managing two generation plants at Clifton Pier and Blue Hills in New Providence, with combined capacity of up to 127 megawatts.

FOCOL is the sole licensed Shell distributor for The Bahamas and the Turks & Caicos Islands. The company operates eleven subsidiaries primarily involved in the supply of petroleum products, operation of service stations, storage facilities, land ownership, and the marine shipping business.

Who owns it

In 1982, a group of Bahamian investors acquired FOCOL, and the company remained the sole supplier of petroleum products on the island. The 2024 rights-offering prospectus shows Sir Franklyn Wilson, the company’s chairman, as holding around 36–37% of issued ordinary shares; total shares held by Board members and executives are equal to 49.6 million — not far off half the outstanding stock.

FOCOL went public in 1999, and listed on the Bahamas International Securities Exchange (BISX) in May 2000 with 1,600 shareholders. The remaining shares are widely held by Bahamian retail and institutional investors; no external corporate or state investor has disclosed a material stake in available sources.

Who runs it

Sir Franklyn Wilson, who was one of a group of businessmen who acquired the energy company in 1982, has served as FOCOL chairman since 2014. Effective January 1, 2022, Dexter Adderley was appointed FOCOL’s President and Chief Executive Officer, and Anthony Robinson became Deputy Chairman.

Adderley and Robinson each spent over a decade at FOCOL before taking their current roles. A Group Financial Reporting Manager, Barbara Pinder, oversees financial reporting; no Group CFO title has been disclosed in available sources.

Deloitte & Touche serves as the company’s auditor.

The money, in plain words

Revenue and profitability trends have shown consistent growth since COVID-19. In fiscal year 2024 (the year ended 30 September 2024), net income reached B$29.6m / US$29.6m, slightly lower than fiscal year 2023 due to start-up expenses linked to new investments in power generation assets.

The prior year — fiscal 2023 — delivered a record net income of B$32.6m / US$32.6m, a 52% increase over the year before, and B$3.1m ahead of the company’s own budget.

The significant rise in equity between 2023 and 2024 stems from strong profitability and the issuance of five million shares through a rights offering. Dividends in fiscal 2024 were paid at B$0.15 per share, up from the B$0.12 per share paid consistently between 2019 and 2023.

At a B$5.00 reference price and 105.2 million shares outstanding, the company’s market value stands at roughly B$526m / US$526m (our calculation) — that price implies investors are paying about 17.8 times last year’s earnings, a price-to-earnings ratio of ~17.8×, modest for a near-monopoly utility.

What it is doing now

In the first half of fiscal year 2025 (six months ended 31 March 2025), net income reached B$20.1m / US$20.1m at mid-year, positioning FOCOL to exceed last year’s full-year earnings, according to company executives. The company’s most transformational project received a major boost when the U.S. Export-Import Bank approved a nearly US$100m loan facility to support the LNG-to-Power initiative, arranged in partnership with Banco Santander.

In 2024, FOCOL signed a Power Purchase Agreement with the Government of The Bahamas and Bahamas Power and Light (BPL), committing to expand energy generation capacity in New Providence; a fourth 30-megawatt GE gas turbine is currently being installed at Clifton Pier. The plan also features a partnership between FOCOL and Shell to introduce liquefied natural gas for power in New Providence, adding 60 megawatts of generation capacity at Clifton Pier.

What to watch

• LNG execution risk. The US EXIM loan is approved, but building an LNG import and regasification terminal is complex; any delay will affect both capital spending and the profit trajectory for fiscal 2025–26.
• Concentration. As the sole licensed Shell distributor for The Bahamas and the Turks & Caicos, FOCOL’s revenues move closely with the islands’ tourism-driven economy and fuel prices; a sharp downturn in visitor numbers or a fuel-price shock hits both at once.
• Power-sector ambitions versus core margin. The moderation in FY2024 profits reflects strategic investments aimed at positioning the group for long-term growth — investors need to judge whether the power-generation bet will expand margins or dilute them for longer than expected.
• Ownership succession. With Sir Franklyn Wilson holding roughly a third of the company and serving as chairman, any future estate or ownership transition will be a market event on a small, illiquid exchange.

This is news, not investment advice.