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Businessuite 2023 #1 Eastern Caribbean Companies – US$ Revenue |
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EC |
EC |
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US$000 |
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US$000 |
2022 |
2023 |
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Company |
2022 |
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2021 |
1 |
1 |
EC -Antigua and Barbuda |
The West Indies Oil Company Ltd. |
$181,450 |
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$123,036 |
The West Indies Oil Company Limited (WIOC) celebrated its listing on the Eastern
Caribbean Securities Exchange (ECSE) with a launch event on July 7, 2022 at the John E. St. Luce Building. This historic moment follows a successful initial public offering in 2021, in which the Government of Antigua and Barbuda divested 10% of its holdings in WIOC and attracted new shareholders, with an overwhelming majority being Antiguan and Barbudan.
The ceremony to commemorate the listing was attended by Prime Minister, The Hon. Gaston Browne along with top government ministers and officials, corporate partners,
WIOC’s Board of Directors and Executive Team, shareholders, Managing Director of the ECSE, Trevor Blake, Chairman of Eastern Caribbean Securities Regulatory Commission, Ambassador Arthur Thomas and representatives from the Bank of Saint Lucia and local commercial banks.
Prime Minister Browne, speaking at the listing event noted that the listing of the West Indies Oil Company on the ECSE is a historic moment which is indicative of the resilience and ingenuity of the Antigua and Barbuda people. “This is part of a deliberate strategy to make sure that at the micro-level you have companies that are profitable, companies that are resilient, companies that are sustainable. Government cannot do it alone and companies like West Indies Oil Company, we help them to build capacity to make them more profitable, and resilient, ensuring their sustainability, literally making the overall economy more resilient and more sustainable.”
Prime Minister Browne also praised the leadership of WIOC for making the company one of the most profitable in Antigua and Barbuda. “My Government has immense confidence in the management of the West Indies Oil Company and we believe that they have the capacity to take the company to the next level. ”
As a majority Government-owned company since 2015, WIOC embarked on a mission to be listed on ECSE and was successful in doing so after meeting all regulatory requirements. With Antigua and Barbuda having one of the largest economies within the sub-region, the listing of an Antiguan company is important to the ECSE and to the regional capital market. ECSE Managing Director, Trevor Blake speaking at the launch event noted that the shareholders were the main beneficiaries, as “value of holdings will undoubtedly increase as W/OC uses the market as a more efficient source of business financing, which will enable shareholders to enjoy the benefits of capital appreciation over time.”
WIOC’s CEO Gregory Georges said that being the first Antiguan and Barbudan company to list on the Eastern Caribbean Securities Exchange is a result of vision, strategic partnerships, and the hard work of a wide array of stakeholders. He stated: “Ours is a story which demonstrates that ordinary people, with a laser-focus on excellence and with a passion for performance, can do extraordinary things.”
Georges was part of the team in London in 2015 that witnessed Prime Minister Browne completing the acquisition of the shares of WIOC from the then owners, National Petroleum Limited. It was at that event that Prime Minister Browne gave Georges and WIOC’s Directors the directive to have the company listed on the ECSE.
For over 50 years, The West Indies Oil Company Limited has continued to grow, generating profits of over $26 million dollars in 2019. Despite the pandemic, the Company continued its profitable growth performance in 2020 and 2021. By offering shares to the public WIOC now benefits in several ways including access to the organized market, improved liquidity, access to capital, lower transfer costs and enhanced employee compensation.
Gregory Georges Chief Executive Officer The West Indies Oil Company Limited (WIOC)
ABOUT THE WEST INDIES OIL COMPANY LIMITED
The West Indies Oil Company Limited (WIOC), headquartered in Antigua and with installations in Dominica, is a regional company providing storage capacity for refined petroleum products and the marketing/distribution of petroleum products.
For over fifty years WIOC has been a responsible energy partner. By adapting and transforming, we look forward to the next fifty years with confidence and optimism, enriching the public we serve. WIOC, where energy lives!
For More Information on the THE WEST INDIES OIL COMPANY LIMITED
Consolidated Financial Statements December 31, 2022
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