The West Indies Oil Company (WIOC) held its inaugural Annual General Meeting (AGM) since going public over two years ago, with CEO Gregory Georges assuring shareholders of their wise investment choice.
The AGM attracted numerous shareholders both in-person at the John E St. Luce Business Centre and virtually.
Since the government’s takeover in 2015, WIOC’s profits have shown steady growth, with a remarkable increase of over one million dollars between 2021 and 2022.
The company’s strategic decision to diversify into storage proved crucial during the pandemic, ensuring no layoffs or pay cuts.
Looking ahead, WIOC plans to invest in additional storage capacity and embrace renewable energy, while maintaining a strong focus on staff and safety.
Georges affirmed that renewables pose no existential threat but rather offer numerous possibilities for the company’s future growth.
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Brix, what is happening to you? I have been waiting on you now for days to say something about this.
Once again, the foresight of Prime Minister Gaston Browne is on stage here. Bought WIOC for a fraction of what the UPP was willing to pay. And bear in mind that had UPP gone through with their deal, WIOC would be owned by Venezuela. And now that the government has divested 10% of its shares in LIAT, ordinary citizens are able to become shareholders. Instead of getting 2% interest on their savings, they are now getting no less than 15% back on their investment. Which means they will earn back their investment in less than seven years. Remarkable. I wish we had more opportunities like this to put our monies in, rather than leaving it in the back. And the risk is very small.
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