By Aabigayle McIntosh

The West Indies Oil Company Limited (WIOC) continues to achieve significant financial success, with the government receiving nearly $7.5 million in dividend payments from its stake in the company.

According to ABS, the state broadcaster, shareholders are receiving a total of over $16.3 million in dividends, calculated at $2.76 per share.

The announcement was made during the company’s annual general meeting held last week.

WIOC’s profits reflect a strong rebound from the effects of the COVID-19 pandemic, with projections reaching $25.6 million for this year, following an audited net income of $25.7 million in 2023 and $19.4 million in 2022.

The energy company also contributes through a windfall tax, which supports the University of the West Indies Five Islands campus.

Chief Financial Officer Carlton Bramble attributed the company’s growth to increased sales volumes, highlighting that dividend payments for this year have totaled nearly $12 million.

He reminded shareholders that the value of their investment extends beyond dividends, as the company’s rising shareholder equity reflects an appreciation in the overall value of their holdings.

Chief Executive Officer Gregory Georges expressed optimism about the company’s future, noting that as an energy provider, WIOC is positioned for long-term sustainability.

“Energy will always be in demand, and as the quality of life improves, that demand will only grow,” Georges said, underscoring the company’s enduring prospects.