FESCO Managing Director Jeremy Barnes says the company is committed to its growth plan and maximising benefits for its shareholders.
Speaking on Taking Stock with Kalilah Reynolds, Barnes said that FESCO is not slowing down when it comes to making its stamp on the local petroleum industry. The company opened three additional service stations last year, bringing the total to 21 stations across the island.
He said another station on Spanish Town Road in St Catherine is expected to be complete by mid-2025.
The company is also making moves in the cooking gas space, thanks to its latest product FESGAS.
According to the company’s annual report, FESGAS contributed almost 600 million to FESCO $28 billion revenue for the 2023/2024 financial year, which ended in March.
Massy Distributors, through their brands Gas Pro and IGL Blue, has dominated the cooking gas market for years. Barnes said that FESGAS has carved out a decent size of the market share in a year.
FESCO recently partnered with delivery service 7Krave, to offer FESGAS delivery.
Barnes said the company is looking to expand its FESGAS delivery network, and potentially open new service stations in St Thomas and Portland.
Given the company’s aggressive growth strategy, Barnes said the company is currently reinvesting its profits into the company.
FESCO has not paid a dividend to shareholders in the last year.
“In the last couple of years we have pursued reinvesting our profits in the business to grow rather than accessing the capital markets through debt or equity,” he said.