Future Energy Source Company Ltd (FESCO) plans to open two more dealer-owned service stations this year, which would take its network to 26 islandwide.
The expansion follows record sales and rising operating profit, which give the fuel marketer room to grow.
Managing Director Jeremy Barnes told the Financial Gleaner that FESCO ended its last financial year with 23 stations. It has since opened one at Sheffield in western Jamaica, taking the network to 24.
Stations at Runaway Bay and Cinnamon Hill are next. Barnes said Runaway Bay should open “before the end of October”. Both will offer all grades of fuel.
Runaway Bay is being positioned as more than a service station. “There’s a tremendous development,” Barnes said, pointing to “multiple restaurants” serving different cuisines, along with a convenience store, supermarket, pharmacy and an ATM.
Both projects are dealer-owned, so FESCO does not carry the full development cost. Barnes declined to put a figure on the investment, saying service stations are “expensive, to say the least, hundreds of millions”.
More projects are planned. Barnes said another is about to start construction, but did not name the location. “We have projects that will keep us busy for the next three years,” he said.
The expansion follows a record quarter. Turnover for the first quarter ending June 2026 rose 41.4 per cent to $10.2 billion from $7.23 billion a year earlier, the first time FESCO’s quarterly sales have topped $10 billion. Operating profit climbed one-third to $230.5 million, and operating earnings — before interest, taxation, depreciation and amortisation (EBITDA) — rose 29.3 per cent to $305.4 million.
Net profit grew a slower 5.2 per cent to $146.6 million.
The company also spent $176.8 million on property, plant and equipment in the quarter as it expanded its LPG storage, dispensing and industrial infrastructure.
Management expects higher profit and shareholder value for the rest of its financial year, barring major economic disruption, adverse regulatory developments or natural disasters.
For the year ended March, FESCO reported turnover of $32.6 billion, gross profit of $2.14 billion, and record EBITDA of $1.19 billion.
neville.graham@gleanerjm.com
