Future Energy Source Company Limited (Fesco), operators of the Fesco gas station brand, during its first quarter period ended June 30 has reported profits of $39.9 million — a 65.9 per cent increase when compared to the $24.1 million earned in the prior year’s quarter.

“Despite the ongoing novel coronavirus pandemic and all the attendant restrictions on travel, social engagements and general business activity which presented a very challenging quarter for Jamaica and our industry in particular, the company has exceeded its performance for the similar period last year,” the company said in its recently released unaudited financial report.

Fesco, in its quest to build out a locally owned fuel network, now operates some 14 gas stations islandwide. The company, which also has high anticipation for the opening of its first company-owned company-operated (COCO) service station at Beechwood Avenue in St Andrew, said it was expecting this to be done by the third quarter of this financial year. The other service stations in the chain are operated under a ‘dealer-owned, dealer-operated’ or ‘dealer-owned, company-invested’ or ‘dealer-owned, company-operated’ model.

Notwithstanding global supply challenges, the petroleum marketing company increased its revenues to $1.9 billion — $702 million more than of last year. “Several factors affect revenue/turnover with the supply price of fuel being a major component. Fesco has no control over the supply price of fuel and, instead, focuses more on quantity of fuel sold and gross profits,” the company said.

During the quarter, Fesco also said it was also able to increase the volume of fuel sold by 2.9 million litres or almost 30 per cent more when compared year on year. Up to the end of its last financial year in March, the company sold record volumes of over 49 million litres despite the pandemic.

“As we continue to successfully manoeuvre through this turbulent COVID-19 pandemic, we are encouraged by the company’s strong financial results and the increased patronage of our service stations by the motoring public (as measured by litres of fuel sold).

“Despite the challenges, we will continue to implement our growth strategy, as we strive to extend our footprints on the industry and deliver increased value to our stakeholder,” the company further said of its outlook.