The Jamaica Stock Exchange-listed (JSE) Regency Petroleum Limited is effecting an all-Sunday closure of its island-wide network of service stations.

CEO Andrew Williams, in a media statement on Sunday (August 11), indicated that the decision is faith-based “while underscoring our respect for this sacred day of rest”.

“A few weeks ago, RPL took the decision to make effective a permanent all-day Sunday closure at our service stations islandwide. 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,” he said.

“We understand that this new weekly closure may raise concerns about how it might affect our financial performance.  However, I take this opportunity to assure you that our confidence in this decision is unwavering.  Since the inception of Regency Petroleum Limited, we have been guided by divine providence.  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,” Williams added.

The Regency Petroleum CEO disclosed that Q1 2024 financial results augur well for a thriving business model.  

Operational highlights:

1. Total revenue rose to J$404.68 million, a 121 per cent growth over the comparative quarter in 2023..
2. Gross profit soared 111 per cent, amounting to an increase of J$68.50 million over the same period in 2023.
3. Regency Petroleum also enjoyed robust net profit, rising 71 per cent from J$19.74 million to J$33.76 million compared to the 2023 period.
4. The company asset base expanded 60 per cent, reaching a record J$721.7 million over the comparative quarter in 2023.
5. Current assets are up 56 per cent from J$119.27 million to J$185.47 million for the same comparative period.
6. Non-current assets increased by 61 per cent, growing from J$332.91 million to J$536 million for the 2023 comparative period.