During the annual general meeting of the West Indies Oil Company in St. John’s, the Board of Directors shared promising news with the shareholders.

The company’s profits have continued to rise, reaching an impressive $25 million in the last financial year, 2023.

CEO Gregory Georges addressed the challenges faced by the company, emphasizing that despite external factors beyond their control, the company has implemented measures to address these challenges.

These measures have three key elements: growing revenue and diversifying the company’s revenue base, optimizing business operations to reduce costs, and enhancing talent within the organization through continuous training and upskilling.

Georges expressed the company’s commitment to investing in its employees to enhance human capital. He stressed the importance of not only attracting talented individuals but also training and retaining them.

In terms of business growth, Georges highlighted the immediate focus on the company’s core business, including storage, wholesale of petroleum products, and the sale of LPG to business and private consumers.

The company aims to increase margins on daily product sales, invest in additional infrastructure such as storage tanks, and explore long-term deals with current partners.

Additionally, there is serious consideration to invest in renewable energy as part of diversifying the business.

When asked about the company’s prospects for the next year, Georges projected an increase in profits to between $26-27 million for the 2024 financial year. He also mentioned the company’s goal to raise dividend payments to over $3.00 per share when it declares its earnings next year.