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Bahamas Waste reports increase in revenue

Bahamas Waste is reporting increased revenue last year despite no expansion in its contracts, the company notes in its recently released audited annual report for 2019.

Gross profits stood at $4.86 million at the end of 2019, compared to the $4.68 million registered the year before.

Bahamas Waste Managing Director Francisco de Cardenas said the company closed with a sound performance as well as a healthy equity position.

“We experienced good revenue improvements in most divisions and I am satisfied that all departments continue to work hard to control their operating costs, while maintaining efficiency and productivity levels. We are pleased with the share price, total dividends paid of just over $1,000,000 and the purchase of 4,500 treasury shares,” he said.

“Our share price remains high at just over $6.00 as at December 31, 2019. We continue to offer exceptional residential collection to our customers and have even addressed complaints from non-customers who are underserved by their contractors, by going into some neighborhoods on a private contract basis.

“Unfortunately, these efforts have not yielded any additional island-wide contract offers so far and we remain with the original two contracts.”

Bahamas Waste Chairman Peter Andrews said though the company experienced an increase in sales from the prior year, it is expected that 2020 will be more of a challenge given the COVID-19 pandemic and all of its ramifications.

Nonetheless, he touted improved operations and efficiencies.

“During the past year, the contract to manage the public dump was awarded to a consortium. They have done an excellent job of it, which benefits all aspects of our operations. Our vehicles now have a quicker turnaround time and we incur fewer mechanical problems on the site itself. Well done,” he said.

“The introduction of our new GPS system has resulted in increased efficiency, as it allows us to track all of our vehicles in real time. This tool is particularly helpful when it comes to emergency pick-ups.”

On the community service front, Bahamas Waste did not introduce any new themed trucks in 2019, but said it is working to get some new and exciting trucks and equipment out in 2020.

“Typically, we don’t like blowing our own horn and as a result get little to no recognition, but this past year, especially post-Dorian, I am just so proud of our efforts in Abaco and New Providence. In Abaco we provided restrooms and service for four months,” de Cardenas said.

“While in New Providence, we worked along with Odyssey for the evacuation efforts, as well as at the National Sports Authority (NSA) and Fox Hill shelters, the New Providence Community Church (NPCC), HeadKnowles and many more. We are also extremely proud of our continued support of our nation’s youth, elderly, disabled, disadvantaged, special needs, environment and many other groups through our sustained and continued in-kind sponsorship of the many organizations that care for them – a special shout out to Rotary and the Bahamas National Trust. We are also proud of our continued support to the NSA, Bahamas Football Association, National Tennis Center, as well as our continued service to Freedom Farm and the Junior Baseball League of Nassau’s youth baseball/softball programs.”

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