Regency Petroleum Limited has recordeed its highest-ever quarterly profit amid further expansion of service stations.
Regency Petroleum Limited (RPL) has recorded its highest-ever quarterly profit, earning $36.03 million for the April to June 2025 period, up 36 per cent from $26.48 million last year. CEO Andrew Williams said the results reflect the company’s plans taking shape.
“We are pleased to be experiencing what we planned for, and we give God thanks,” Williams noted during its recent second-quarter earnings call hosted by Investor Relations Curated.
Revenues for the quarter fell 11 per cent to $430.35 million, which management attributed to lower petroleum prices. Though the company did not explicitly state what drove the profit increase for the quarter, the results come as Regency maintains steady operations and pushes ahead with expansion including the Kingston service station project, now in the final stages of contract signing following a successful bid. Construction has also begun on its first truck stop in Crawford, St Elizabeth, which will operate as a dealer-owned, dealer-operated station. No completion date has been disclosed. While the company is not actively pursuing new investments, Williams said it will carefully assess any opportunities that arise. He added that the focus remains on operating its service stations for the rest of the year, with a goal of steadily increasing earnings to reach its $100-million profit target for 2025. He revealed that the company currently has a number of projects on the table but chose not to disclose details at this time. However, he expressed optimism and confidence that at least one of these projects will be ready to announce in the next quarter, as negotiations are still underway.
“I can tell you we have some projects on the table now that we’re looking at, and I’m positive I’ll be able to make mention of at least one of these projects in our next earnings call,” he said.
RPL also addressed shareholders on how it intends to handle its existing debt; the company had issued an US$1.4-million bond in July 2023, carrying a fixed interest rate of 8.7 per cent for three years, to raise equity for the Kingston service station project. That bond will be restructured with plans to secure a commercial bank loan to repay bondholders and service the obligation through monthly payments. Chief Financial Officer Jerry Grant said negotiations have begun and are on track to being completed by September 30. The bond was initially intended to be repaid using earnings from the station; however, delays in the project’s opening prompted the company to pursue refinancing. Although the company is taking this route, Williams assured that he is comfortable with all the decisions the company has taken thus far as it reflects positively in its bottom line.
“It was a prudent decision because based on the results we’re seeing now, we’re seeing the results of that, just after operating six months we can see that impact on our financials, so we are even more convinced now that that decision to jump and immediately take advantage of the opportunity that was on the table,” said Williams.
WILLIAMS… I can tell you we have some projects on the table now that we’re looking at, and I’m positive I’ll be able to make mention of at least one of these projects in our next earnings call.
Regency Petroleum CEO Andrew Williams (left) and Energy Minister Daryl Vaz at the grand opening of its Spanish Town Road service station earlier this year.