Jamaica’s trusted name in transportation, JUTA, is proud to announce the launch of JUTA Express, beginning service on December 15th, 2024. Offering a premium, non-stop travel experience, JUTA Express is set to revolutionize intercity transportation and same-day courier services in Jamaica.

Your Non-Stop Ride to Convenience
With four daily departures from Kingston, Sangster International Airport, and Mandeville, passengers can count on timely, uninterrupted service. Departure times are 6:00 AM, 8:00 AM, 4:00 PM, and 6:00 PM, ensuring flexibility and convenience.

JUTA Express guarantees the same renowned level of customer service and comfort that passengers have come to trust from JUTA over the years.

Same-Day Courier Service
In addition to passenger services, JUTA Express will offer courier services on all routes. With same-day pickup and delivery, customers can rely on swift and secure transportation of packages. Please note, no overnight storage is available. Unclaimed packages will incur heavy overnight fees, making same-day collection a must.

Book Easily with the InterMetroONE App
JUTA Express is designed with modern convenience in mind. All bookings and payments are processed through the InterMetroONE Customer App, available for download on both Google Play and the Apple App Store. Limited in-person bookings will be accommodated at the JUTA Kingston Office; however, the service is primarily cashless, accepting only credit and debit cards.

Looking Ahead to 2025
To meet the anticipated demand, JUTA Express will expand its routes in 2025, connecting even more of Jamaica’s key destinations.

Download the App Today and Book Your Seat!
Be among the first to experience the next generation of intercity travel and courier services with JUTA Express. Download the InterMetroONE Customer App today, secure your seat, and travel in comfort, safety, and style.

For more information, contact:
JUTA Express Customer Service
4 Lady Musgrave Road Kingston
jutaexpressone@gmail.com
Phone: (876) 927-4536

About JUTA
JUTA (Jamaica Union of Travellers Association) is Jamaica’s leading transportation provider, known for its unparalleled commitment to safety, reliability, and exceptional customer service.

Introduction: The Decline of the Low-Cost Carrier (LCC) Model
For decades, the low-cost carrier (LCC) business model has been a game-changer in the aviation industry, enabling millions of travelers to fly on a budget and reshaping the way airlines approach cost structure and pricing.

Airlines such as Southwest, Ryanair, and EasyJet built empires by offering no-frills flights at lower fares, often with ancillary services and fees adding to their bottom lines. However, in recent years, many budget airlines have found themselves struggling as the model faces mounting pressure from rising costs, competition, and changing passenger expectations.

As the aviation industry begins to recover from the COVID-19 pandemic, one question arises: Can budget airlines continue to thrive in a post-pandemic world, or should they shift their focus to a more premium customer base? The idea of upgrading service offerings and pursuing more affluent passengers has gained traction among some players in the LCC space. But is this the right move? Will chasing premium customers solve the problems facing the low-cost model?

The Rise and Evolution of Budget Airlines
The origins of the budget airline model date back to the 1970s, with Southwest Airlines often credited as the first low-cost carrier. Founded in 1967 and taking off in the early 1970s, Southwest revolutionized the industry by offering simple point-to-point routes, standardized aircraft, and minimal frills. This made air travel more affordable for a broader segment of the population and set the stage for the global rise of low-cost carriers in the decades to follow.

Ryanair, founded in 1984, is another key player in the LCC space. Under the leadership of Michael O’Leary, Ryanair aggressively slashed costs by charging for extras, eliminating complimentary services, and focusing on the most profitable routes. These strategies enabled Ryanair to offer low base fares while generating significant revenues from additional fees, such as for checked bags, seat reservations, and food.

By the 1990s and 2000s, the LCC model had spread across Europe and North America, with EasyJet and other carriers joining the ranks. By 2000, LCCs represented around 30% of all European flights, and by 2010, low-cost carriers had captured about 40% of the market share in the United States as time progressed, the model started to face challenges, and a growing number of budget airlines began to struggle. What had been an industry-defining strategy was no longer as effective in a landscape marked by high fuel costs, fluctuating consumer demands, and competition from established full-service airlines that had adopted similar low-cost features.

The Struggles of the LCC Model: Rising Costs and Changing Passenger Expectations

Several factors have contributed to the struggles of budget airlines in recent years.

The first and most significant challenge has been rising operational costs. The aviation industry is heavily dependent on fuel prices, and the volatility of global oil prices has made cost forecasting a challenge for budget carriers. While LCCs historically thrived by keeping their operating costs low, recent increases in fuel prices have affected their profitability, especially as they typically do not hedge against these increases as aggressively as larger full-service airlines.

Another challenge for budget airlines is the increasing complexity of the ancillary revenue model. While extra fees for baggage, seat selection, and food have been critical to budget carriers’ profitability, passengers are growing increasingly frustrated with the “a la carte” pricing. As more passengers find themselves nickel-and-dimed for basic services, their loyalty to LCCs is weakening. Many now perceive budget airlines as offering a subpar experience, particularly when it comes to customer service, flight delays, and lack of amenities.

The post-pandemic has also revealed that travelers are willing to pay more for a better experience, particularly in the business and premium travel segments. With business travel rebounding and higher levels of disposable income in some markets, more affluent passengers are seeking out quality services and comfort. In contrast, the budget airline model—which offers limited amenities and often no flexibility—no longer seems as appealing to those looking for convenience and quality in their travel experience.

Will Pursuing Premium Passengers Solve Budget Airlines’ Problems?

As the LCC model struggles, some budget airlines have begun exploring the idea of catering to premium passengers. This shift involves offering a more robust service package, including additional legroom, better in-flight amenities, and flexibility in ticketing—something traditionally associated with full-service airlines. But is this strategy a viable path forward, or will it merely dilute the distinctiveness of the LCC model?

Case Study: JetBlue Airways

One of the most high-profile examples of a budget airline attempting to capture premium passengers is JetBlue Airways. While JetBlue has long been a low-cost carrier, it has gradually transitioned towards offering more premium services. In 2021, JetBlue introduced its “Mint” premium service on select routes, which includes lie-flat seats, gourmet meals, and access to airport lounges.

The introduction of premium service allowed JetBlue to compete with full-service airlines on select routes, particularly transcontinental and international flights. However, despite the success of the Mint service, JetBlue has been careful not to abandon its core low-cost business model. It continues to offer more affordable fare options while gradually adding premium services as an additional revenue stream.

Case Study: Ryanair’s Transformation

Ryanair, traditionally known for its extreme cost-cutting measures and no-frills service, has also made moves towards appealing to a more premium customer base. In 2021, Ryanair launched a premium offering, Ryanair Plus, which includes benefits such as extra legroom, priority boarding, and flexible ticket options. However, Ryanair has been careful to maintain its low-cost core by keeping its basic fares highly competitive.

This dual approach—where LCC’s maintain their low-cost offerings while introducing premium services for a select group of customers—has been viewed as a potential solution to the struggles facing budget airlines. The question remains whether this hybrid approach will be sustainable, especially if passengers expect the same level of service across all routes and price points.

A Comparison with Full-Service Airlines
The traditional model of full-service airlines is based on offering a wide array of services, from lounge access and in-flight entertainment to flexible ticketing and loyalty programs. These airlines have a higher cost structure but also benefit from customer loyalty and premium pricing. Airlines such as American Airlines, British Airways, and Singapore Airlines continue to cater to the premium passenger, with higher ticket prices offset by high levels of service.

For passengers, the experience of flying on a full-service airline is markedly different from that of a budget carrier. Full-service airlines generally provide better customer service, more comfortable seating, higher quality in-flight entertainment, and perks such as airport lounge access for business-class passengers. However, these services come at a premium price. In contrast, budget carriers offer a more utilitarian flying experience but are considerably cheaper for those willing to forgo the luxuries of air travel.

The key question for the future of the LCC model is whether budget airlines can maintain their identity as low-cost carriers while introducing premium offerings that will satisfy a more discerning customer base without alienating their core market of budget-conscious travelers. As airlines seek to strike a balance between these two approaches, the outcome will ultimately depend on the ability to deliver a more flexible, high-quality experience without significantly raising prices.

The Future of the Budget Airline Model
As budget airlines continue to face rising operational costs and shifting passenger expectations, many are considering shifting their focus to attract more premium passengers. Whether this strategy will succeed or dilute the appeal of the traditional low-cost model remains to be seen. However, the growing demand for enhanced services and the increasing willingness of travelers to pay for comfort presents an opportunity for budget carriers to evolve.

The future of the LCC model may lie in finding the right balance between low-cost operations and premium offerings, catering to both price-sensitive and service-oriented travelers. For the time being, the success of this hybrid model will depend on how effectively airlines can leverage technology, streamline operations, and introduce high-quality experiences while maintaining their competitive edge in pricing.

In an era where economic stability, sustainability, and growth are increasingly linked to strategic investment, Sovereign Wealth Funds (SWFs) have become pivotal tools for countries seeking to secure long-term wealth and ensure fiscal resilience. From Norway’s Government Pension Fund Global to Singapore’s Temasek, SWFs have enabled nations to tap into their natural resources, surplus revenues, and financial assets to drive economic prosperity. For Jamaica, establishing an SWF could be a game-changer—particularly in strategically important sectors such as technology and logistics—boosting growth, infrastructure, and innovation. But what lessons can be drawn from other nations, and how can Jamaica begin the process?

Global Lessons: Why Sovereign Wealth Funds Were Set Up

Sovereign Wealth Funds are state-owned investment vehicles that manage a country’s wealth generated from surplus revenues. Typically, these funds are built from natural resource wealth, sovereign surpluses, or foreign currency reserves. Countries around the world have set up SWFs to achieve multiple objectives, including:

• Revenue Diversification: For countries heavily reliant on natural resources (e.g., oil, gas, minerals), SWFs help to diversify income streams by investing in international assets. Norway’s Government Pension Fund Global, for example, was established in 1990 to ensure that the country’s vast oil wealth would benefit future generations. The fund is now valued at over $1.4 trillion, providing a stable source of income and contributing to Norway’s high standard of living.
• Stabilizing the Economy: SWFs serve as stabilizing mechanisms during economic volatility. For example, the Abu Dhabi Investment Authority (ADIA) was created to manage oil revenue surpluses, helping the United Arab Emirates (UAE) balance its economy during periods of fluctuating oil prices. These funds can also help buffer countries against market downturns and reduce dependence on foreign debt.
• Social and Economic Development: Some SWFs are designed to invest domestically, driving infrastructure projects, technology innovation, and long-term economic development. Singapore’s Temasek has invested heavily in sectors like technology, finance, and biotechnology, turning Singapore into a global business hub and innovation leader.

Why Jamaica Needs a Sovereign Wealth Fund

Jamaica stands at a critical juncture in its development. While the country has made strides in stabilizing its economy and reducing debt, it continues to face significant challenges in terms of growth, unemployment, infrastructure, and innovation. The establishment of an SWF could address several issues:

1. Diversifying Revenue Sources: Jamaica has limited natural resource wealth compared to countries like Norway or the UAE, but its burgeoning tourism sector, agricultural exports, and potential in renewable energy could serve as sources for building an SWF. By harnessing surplus revenue from these sectors, Jamaica could reduce its reliance on volatile industries and international borrowing.
2. Investing in Critical Sectors: With a focus on technology and logistics—two key sectors for Jamaica’s economic transformation—an SWF could directly fund strategic infrastructure projects and innovation initiatives. Jamaica’s logistics sector, in particular, is primed for growth, thanks to its strategic location between the Americas and its modernizing port facilities. Technology, particularly in areas such as fintech, e-commerce, and digital platforms, offers significant opportunities to drive productivity and global competitiveness.
3. Long-Term Economic Stability: Jamaica’s SWF could serve as a buffer in times of economic crises, reducing the country’s reliance on external loans or foreign aid. By investing in international assets and diversifying revenue, Jamaica could stabilize its economy during periods of local or global market downturns.
4. Intergenerational Wealth: Just as other nations use their SWFs to secure the prosperity of future generations, Jamaica could use its SWF to ensure sustainable wealth. By building a fund with a long-term investment horizon, Jamaica could improve its fiscal health and create financial security for generations to come.

Case Studies of SWFs in Technology and Logistics Investment

Countries have used their SWFs to strategically boost sectors critical to their economic future. A few notable examples:

• Singapore’s Temasek: This fund has made substantial investments in high-tech companies, including stakes in global tech giants such as Alibaba and Facebook. By focusing on sectors like technology, innovation, and sustainable energy, Temasek has played a key role in transforming Singapore into a global business and technology hub. Jamaica, with its focus on a digital economy, can benefit similarly by using an SWF to foster its tech industry, from supporting local tech startups to attracting international investment.
• Norway’s Government Pension Fund Global: While Norway’s SWF primarily invests internationally, it has also funded domestic initiatives related to renewable energy and sustainability, sectors that could align with Jamaica’s Green Economy ambitions. As the world shifts towards renewable energy, an SWF could help Jamaica pivot to clean energy investments, such as solar and wind, helping to both diversify the economy and create jobs.
• United Arab Emirates’ ADIA: The UAE’s SWF has invested heavily in logistics infrastructure, capitalizing on the country’s strategic position as a global trade hub. The UAE’s investment in ports, free zones, and air freight facilities has turned it into a global logistics leader. Jamaica, with its proximity to key shipping routes, could use an SWF to fund logistics infrastructure such as ports, highways, and transportation systems, strengthening its competitive advantage in the global supply chain.

How Jamaica Can Start the Process

The establishment of an SWF requires careful planning and coordination among key stakeholders, including the Jamaican government, financial institutions, and the private sector. Here are a few steps Jamaica can take to begin the process:

1. Set Clear Objectives: Jamaica should define the strategic goals of its SWF—whether for stabilizing the economy, diversifying revenue, or funding specific sectors like technology and logistics.
2. Identify Funding Sources: Jamaica can consider using surplus revenues from key sectors (tourism, agriculture, remittances, renewable energy) as well as potential future revenues from investments in the logistics and technology sectors.
3. Create a Governance Structure: Establishing strong governance is crucial for ensuring transparency and accountability. The SWF should be managed by an independent body, free from political influence, with a mandate to focus on long-term returns.
4. Develop Investment Strategies: The fund should target both domestic and international investments, with a focus on sectors that will drive Jamaica’s economic growth, such as technology, infrastructure, and logistics. Investments should be made with an eye toward sustainability, creating jobs, and fostering innovation.
5. Engage with International Experts: Jamaica should collaborate with international financial experts and countries with established SWFs to gain insights into best practices and avoid common pitfalls.

How It Can Benefit the Jamaican People

An SWF, when managed effectively, could provide significant benefits to the Jamaican people:

• Job Creation: Investments in technology and logistics infrastructure could lead to the creation of thousands of high-skilled jobs in emerging industries.
• Economic Growth: By funding key infrastructure projects and fostering innovation, Jamaica could become more competitive on the global stage, attracting investment and boosting exports.
• Social Benefits: The SWF could fund social projects in education, healthcare, and environmental sustainability, improving the quality of life for Jamaican citizens.
• Fiscal Stability: Over time, an SWF can provide a steady stream of revenue, reducing Jamaica’s reliance on international loans and enhancing fiscal sovereignty.

Conclusion

Establishing a Sovereign Wealth Fund offers Jamaica a unique opportunity to build a more resilient and prosperous future. By learning from global examples and focusing on strategic sectors like technology and logistics, Jamaica can leverage its natural and human resources to create a fund that ensures long-term economic stability, growth, and social progress. The time is now for Jamaica to explore the potential of a Sovereign Wealth Fund, laying the groundwork for a sustainable and diversified economy for generations to come.

“If you did a bad job with the delivery, all the other benefits are not that attractive,” he said. “The core value proposition is: Did you have a great experience across selection, quality and affordability using the underlying product? Are you using us for restaurants and other categories? That is what is going to differentiate us.”

DoorDash Inc. Chief Executive Officer Tony Xu has spent the past 11 years building the company that now owns more than two-thirds of the food delivery market in the US, far exceeding Uber Eats (26%) and Grubhub (6%). The app also has a loyal user base, with more than half of DoorDash users owning a DashPass subscription, according to YipitData. More importantly, for investors, the company finally became profitable from its operations in the third quarter this year.

But Xu says building out the product is only 80% of the work to keep the company successful. The rest will come from external partnerships, a strategy that his gig economy peers, including Uber Technologies Inc., the biggest company in the industry, have also increasingly leaned on as they seek new avenues of growth.

The latest effort to boost paid subscriptions is DoorDash’s partnership with Lyft Inc. announced last month. The tie-up is an example of two brands tapping into each other’s customer base to boost engagement without having to merge or make an acquisition. Uber has a restaurant-delivery partnership with Instacart, while Amazon.com Inc’s Prime membership offers a Grubhub subscription perk.

After spending about a decade offering habit-forming services —whether it’s hopping into a stranger’s car instead of hailing a taxi, or opening a door to someone who picked up a restaurant meal and a bottle of wine from the deli down the block — these companies now have a clearer understanding of the competitive landscape. Even as diners returned to restaurants in the post-pandemic era, take-out has become such an ingrained habit that companies know getting customers into a subscription will mean more dollars and time spent on their apps.

So now it’s about finding partners strategically to build a larger system and lock in a more diverse pool of customers. Lyft CEO David Risher had earlier this year rejected the idea of his company offering food delivery on its own because that would keep people at home and exacerbate the loneliness epidemic. But he sees value in joining with the largest food delivery app because it gives millions of DoorDash members “a reason to prefer Lyft” for their rides and provides Lyft a way to compete better with Uber, which offers rideshare and delivery.

For DoorDash, which launched its membership in 2018, three years earlier than Uber, the deal offers customers Lyft discounts in addition to the existing benefit of free access to the ad-tier version of the Max streaming service. DoorDash is also getting new customers through an expanded partnership that offers certain Chase card holders a free subscription and discounted orders. These external perks have helped it maintain a lead on user penetration over the Uber One subscription. (As of September, 42% of Uber Eats users were subscribers, per YipitData. That percentage is lower if all users including rideshare customers are counted.)

Keeping subscribers isn’t easy, however. According to Bloomberg Second Measure data, only 35% of annual DashPass subscribers who made their first membership purchase in September 2023 were retained after a year. Annual subscriptions to Instacart+ show similar numbers with a 32% retention rate. (These figures do not include free trials and free subscriptions through credit card or other partnerships.) The real challenge will be finding creative ways to retain paying users, or at least keep them in the ecosystem so it’s not as costly to acquire them again.

DoorDash Chief Financial Officer Ravi Inukonda said the data doesn’t reflect how membership really works. The company has increased the flexibility it gives to accommodate consumers’ lifestyles with monthly, annual and student plans. “If you’re traveling with young kids, or you’re traveling in the summer and you want to put the program on hold, that’s completely OK with us,” he said.

These people who churn off the membership program are not leaving DoorDash, Inukonda said. And the company is confident in earning their membership back through offering more benefits in the future, as well as through the core product delivery service, which includes not just restaurant takeout, but also alcohol, grocery, makeup and even mattress deliveries.

“If you did a bad job with the delivery, all the other benefits are not that attractive,” he said. “The core value proposition is: Did you have a great experience across selection, quality and affordability using the underlying product? Are you using us for restaurants and other categories? That is what is going to differentiate us.”

After all, partners won’t matter if the main product isn’t drawing members. Case in point: Grubhub hasn’t been able to reverse a streak of losses in orders and users, ceding market share to DoorDash and Uber even as it has been offering free food delivery to hundreds of millions of Amazon Prime members since 2022. That is one of the reasons parent company Just Eat Takeaway.com NV announced this week it will be selling Grubhub to startup Wonder Group for $650 million, a steep discount to the $7.3 billion price tag at its peak during the pandemic.—Natalie Lung

Jeremy Barnes Chief Executive Officer of Future Energy Source Company Limited (“FESCO” or the “Company”) has released the Company’s unaudited first (1st) quarter financial statements as at June 30, 2024 for the financial year April 1, 2024 to March 31, 2025.

Executive Summary

We are pleased to report that the Company has achieved its best quarter to date as it relates to gross profit (J$412.3 million, up 38.71% or J$115.1 million), operating profit (EBIT) (J$185.8 million, up 16.28 % from J$159.8 million), and earnings before interest, taxes, depreciation and amortization (EBITDA) (J$250.2 million up 26.56% or J$52.5 million). Net profit for the quarter was also strong totalling $148.4 million up 28.19% or J$32.6 million.

For the quarter, the Company was able to achieve its main targets which were to:
1. Increase brand awareness for FESGAS™ as well as maintain and enhance its market share (measured in litres of LPG) for both domestic and commercial usage;
2. Increase its company-operated service station footprint (FESCO Hayes) and increase overall fuel sales measured in litres;
3. Increase profitability, specifically as it relates to operating profit (EBIT), operating cash flow (EBITDA) and net profit;
4. Acquire additional service station and LPG assets to enhance its retail and commercial distribution going forward; and
5. Establish additional filling plants to further enhance its LPG distribution.

The Company’s quarterly performance reflects an increase in fuel sales in litres. The network of FESCO branded service stations remains twenty-one (21) island-wide; an addition of a DOCO service station, FESCO Hayes, and a separation from the network of a DODO service station in Whithorn, Westmoreland.

Financial Highlights:

For the quarter ended June 30, 2024, FESCO recorded Turnover/Revenues of J$7,780.0 million which reflects an 18.56% or J$1,217.8 million year over year increase. Several factors affect revenue/turnover with the supply price of fuel being a major component.

For the quarter, fuel prices increased slightly for gasoline (87 Octane: J$6.08 and 90 Octane J$9.12)1 and remained relatively flat for both ADO and ULSD (ADO +J$1.06 and USLD -J$0.91). FESCO has no control over the supply price of fuel and, instead, focuses more on quantity of fuel sold and gross profit.

Accordingly, FESCO’s year over year growth in Turnover reflects significant increase in litres of fuel sold (all fuels including LPG).

Operating Expenses of J$226.5 million, for the quarter, is up J$89.9 million versus last year or 65.83%.
This expansion of expenses directly reflects the expanded:

1. Operating locations including the additions of: FESCO Kitson Town, FESCO Hayes, FESGAS Bernard Lodge and FESGAS Naggo Head;
2. Asset base which includes increased operating LPG and service station assets;
3. Operational scope (which now includes increased retailing and manufacturing);
4. Early stage new business costs including but not limited to:
a. business acquisition;
b. property acquisition and development costs; and
c. business integration costs.

For the quarter, staff costs of J$75.0 million, up J$25.7 million from J$49.3 million last year, reflects the expansion of our staff complement and is consistent and reflective of our expanded operations (company operated locations and range of operations).

These costs are relatively efficient as they are only 33.1% of overall expenditure (2024: 33.1% vs 2023: 36.1%) and only 18.2% of gross profit (2024: 18.2% vs 2023: 16.6%).

Security expense totalling J$10.3 million versus $6.6 million last year reflects additional operating locations and increased security rates. Motor vehicle expenses of J$11.1 million versus J$1.5 million last year reflects a fleet size growth to facilitate, in the main, haulage and distribution of LPG.

Depreciation expense of J$56.8 million reflects Plant Property and Equipment (PPE) expansion of both LPG and service station assets. The Company’s LPG operation is capital intensive as it relates to its fixed asset requirements to establish and fulfil the business’ services and operation. Accordingly, depreciation and interest expense will in the forming period outweigh its medium and long term “weight” relative to gross profit exemplified by depreciation for the quarter totalling J$56.8 million versus J$37.0 million last year.

It is important to note that operating expenses relative to gross profit is trending downwards. For the quarter, operating expenses were 54.9% of gross profits compared to 57.0% of the entire Audited financial year ended March 2024, and Operating expenses excluding depreciation was 41.2% of gross profits compared to 44.5% for the entire Audited year ended March 2024.

In summary, staff costs, bank charges, advertising, and asset-based expenses including but not limited to depreciation, insurance, and security continue to be FESCO’s main expense items. FESCO’s operations continue to be efficient, represented by our total operating expenses being approximately 54.9% of gross profit. Notably, for this stage of LPG business development, the Company’s total operating expenses excluding depreciation is just 41.2% of gross profits. The Company’s expense profile is changing and will reflect its expanded and evolving range of operations. The Company’s expenditure and revenue targets are in line with its internal forecast and mix of established and early stage business expenses.

A look ahead

FESCO continues to monitor economic factors such as moderating inflationary forces, indicative expectations that interest rates will reduce in the short to medium term, and the near full employment in many sectors of the economy.

The Company is also watchful of hurricane Beryl recovery efforts in southern and western parishes and the resilient and expanding tourism sector, among other factors affecting consumer spending.

The Company is navigating industry-related margin contractionary forces and consolidation within the industry.

The Company is selective in its allocation of investment capital but remains mindful of opportunities for growth and further investment. Internal or self-funding via profit generation, profit retention, at this time, has proven to be the most efficient and cost-effective source of capital to fund growth.

The Company has commenced construction of its service station on Spanish Town Road, FESCO Oval. FESCO Oval will be a company-owned company-operated service station (COCO) for increase retail presence within the Kingston and St Andrew (KSA) region. Completion will take approximately fifteen (15) months and
we anticipate opening in the month of September 2025.

The development will represent the Company’s commitment to community and showcase the creativity and mindfulness of the Company’s Jamaican project team, which we believe, generally, exemplifies our tagline and motto, “Proudly Jamaican”.

Finally, the Company will continue to make investments in real assets and equipment to support expanding its service station businesses and network, its industrial client base, and LPG business.

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