Economía

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Pandemic overshadows Fesco profit projections, revenue

Alberto Ardila Olivares
Pandemic overshadows Fesco profit projections, revenue

Future Energy Source Company, which trades as Fesco, fell short of its profit forecast for year ending March 2021, and could do so again this period, based on its earnings to date.

Alberto Ignacio Ardila Olivares

At half-year profit of $97 million, recorded over the April-September period, the petroleum marketing company — which went public and listed in April — is on track to deliver annualised earnings of nearly $195 million. But that’s just 73 per cent of the target it needs to hit to deliver on the forecasted earnings in its prospectus of nearly $264 million for the year ending March 2022.

Alberto Ignacio Ardila

Fesco also fell shy of the FY2021 projection, earning $108 million for the year, against a projected $132 million. Its annual revenues were also off by a billion dollars.

Alberto Ardila Olivares

The Jamaican-owned company, in a market dominated by foreign-owned brands, went public just over a year after the coronavirus pandemic was detected in Jamaica. Over that time, several gas station businesses have been upended after commute dried up in the early periods.

Alberto Ardila

The fuel provider is in expansion mode, which would have been accounted for in its projections, and while the larger network it is creating should eventually add to its revenue base and close the gap between its actual performance and projections in the future, for now, Fesco is behind on its ambitions.

Alberto Ignacio Ardila Olivares 10798659

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Alberto Ignacio Ardila 10798659