ANDREW Williams, chief executive officer of Regency Petroleum Limited (RPL), has sought to allay fears that the decision to close its service stations on Sundays could negatively impact the company’s financial performance.

In an open letter to shareholders of the company, which was recently listed on the Jamaica Stock Exchange Junior Market, Williams argued that RPL was founded on Christian principles and this decision reflects the company’s commitment to its core tenets.

“A few weeks ago, RPL took the decision to make effective a permanent, all-day Sunday closure at our service stations islandwide. This decision aligns with our faith-based values, while underscoring our respect for this sacred day of rest.

“By taking this step, we aim to foster an environment where our employees have the opportunity on that day to rest, spend quality time with their families and loved ones, or engage in worship if they choose,” said Williams who leads the locally owned service station which has its roots in Westmoreland.

He noted that this new weekly closure may raise concerns about how it might affect the company’s financial performance but, “our confidence in this decision is unwavering”.

According to Williams, since the inception of RPL its leadership has been guided by divine providence.

WILLIAMS…this decision aligns with our faith-based values, while underscoring our respect for this sacred day of rest (Photo: Naphtali Junior)

“This has always been instrumental in our growth and success, and we firmly believe that honouring this appointed day of rest will continue to bring us favour and prosperity.

“Our recent financial results for the first quarter of this year stand as a testament to our thriving business model and God’s guidance,” added Williams as he pointed to highlights of the company’s performance in the first quarter of this year.

Williams pointed out that RPL achieved a record increase of $404.68 million in total revenue in the first quarter of this year, a 121 per cent growth over the comparative quarter in 2023.

“This growth was driven by the addition of new service stations and a significant uptick in liquid petroleum gas [LPG] sales volumes. Our gross profit soared by 111 per cent, amounting to an increase of $68.50 million over the same period in 2023. We experienced a robust increase in our net profit, rising by 71 per cent from $19.74 million to $33.76 million compared to the 2023 period,” said Williams

He added that the company’s asset base expanded by 60 per cent, reaching a record increase of $721.7 million over the comparative quarter in 2023, while there was a substantial rise in its current assets by 56 per cent, from $119.27 million to $185.47 million for the same comparative period, and its non-current assets increased by 61 per cent, growing from $332.91 million to $536 million.

“These results demonstrate the success of our innovative strategies and robust action plan, as well as the evidence of God’s provision. We are also confident that the dedication of our talented team, who we consider family, will continue to drive our success, even in a highly competitive market with international players,” said Williams.

“Together, we will continue to grow and thrive as a wholly Jamaican-owned company committed to excellence and faith. And, to this end, I thank you for your continued support and investment in Regency Petroleum Limited,” added Williams.

RPL is a petroleum marketing company which distributes petroleum products across the island. The company currently distributes propane gas to bulk customers including hotels, restaurants and bakeries; LPG for household use; automotive diesel, ultra-low sulphur diesel, 90 octane fuel, and 87 octane fuel.

The company currently operates service stations in Negril, Paradise and Savanna-la-Mar, Westmoreland, with a fourth station under construction on Spanish Town Road in the Corporate Area.