WIOC Reports $25 Million In Profits

SOURCE POINTE XPRESS: The West Indies Oil Company held its annual general meeting in St. John’s on Thursday, where the Board of Directors reported a surge in profits, reaching $25 million for the 2023 financial year.

Chief Executive Officer Gregory Georges highlighted that, despite several external challenges beyond the company’s control, various strategies have been implemented to address them. Georges outlined three key focus areas: revenue growth and diversification, optimizing business operations to reduce costs, and enhancing the skills of employees through constant training and upskilling.

“We aim to strengthen our human capital by investing in our employees. It’s not just about attracting talent but also training and retaining them,” Georges stated.

Regarding business growth, Georges emphasized the company’s core activities, including petroleum storage, wholesale, and LPG sales to businesses and consumers. He also mentioned plans to increase profit margins, invest in additional infrastructure like storage tanks, secure long-term deals with current partners, and explore renewable energy investments.

Looking ahead, Georges forecasted profits of $26-27 million for the 2024 financial year, with the potential to increase dividend payments to over $3.00 per share next year.

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