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Port beats profits 19% via $677k debt slash

‘Peaceful resolution’ targeted over food price control dispute

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE OPERATOR of Nassau’s main commercial shipping port beat its original full-year profit target by 19 percent aided by a $30m preference share refinancing that slashed 2022’s debt servicing costs by $677,000. Dion Bethell, Arawak Port Development Company’s (APD) president and chief financial officer, in written replies to Tribune Business questions confirmed that taking out, and replacing, the preference shares with cheaper bank debt had played a major role in exceeding the prior year’s bottom line as well as performance targets set a year earlier. The BISX-listed port operator and owner’s unaudited financial statements for the year to end-June 2022 reveal that its $7.407m total comprehensive income beat the original profit forecast of $6.208m, as set out in its 2021 annual report, by almost $1.2m or some 19.3 percent. And the bottom line was some 11 percent ahead of 2021’s $6.672m

• $30m preference refinance key bottom line boost • BISX-listed APD exceeds initial targets by $1.2m • Close to pre-COVID TEU volumes in ‘22 full year as APD came close to matching preCOVID-19 financial performance comparatives for the full 12-month period. Mr Bethell confirmed that “financial year 2022 revenue, net income and cargo volumes are still below pre-pandemic levels”. For the full year to end-June 2022, he said revenues and net income were some 3 percent and 9 percent, respectively, below 2019 levels which was the last full year before the pandemic struck in March 2020. Twenty-foot equivalent unit (TEU) container throughput volumes closed

out the year down just 2 percent compared to 2019, although for the months of January and June they were actually ahead of comparatives from that pre-COVID year. Meanwhile, total vehicle imports for the 12 months to end-June were 29 percent off from 2019 levels while bulk tonnage was some 7 percent ahead due to ongoing resort and investmentrelated construction. However, APD’s operating income and earnings before interest provide an insight into how the

SEE PAGE B11

Minister pledges to seek ‘common ground’ on NHI By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE MINISTER of health has pledged to seek “common ground” with Bahamian private doctors who have urged the Government to “hit the pause button” over its proposed National Health Insurance (NHI) reforms. Dr Michael Darville, responding to the Medical Association of The Bahamas (MAB) statement that it “cannot support the Bill” recently tabled in the House of Assembly, told Tribune Business it was made clear that the legislation was “not set in stone” when he introduced it.

DR MICHAEL DARVILLE He reiterated in a written statement subsequently issued to this newspaper that the NHI Bill is “by no means is in its final form, and sought to ease

SEE PAGE B7

NAD ‘won’t be bullied’ over airport ad award By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LYNDEN Pindling International Airport’s (LPIA) operator “will not be bullied” over the award of its multi-million advertising concession, and said assertions that its selection breached the National Investment Policy are “simply untrue”. Vernice Walkine, Nassau Airport Development Company’s (NAD) president and chief executive, in a statement responding to continued criticism over the bid’s award to RG Media (Bahamas) hit out at the previous holder of the

contract for “unjustifiably casting aspersions” on its replacement and the tender process. “The contract was awarded following a clearly outlined and transparent RFP (request for proposal) process conducted by NAD, the rules of which were specific, defined and agreed in writing by all proposers,” Ms Walkine said in response to a series of Tribune Business articles on the airport advertising concession. “It is therefore disappointing that Bahamas Airport Advertising (BAA) would wish to publicly cast

SEE PAGE B3

FOOD retailers and wholesalers were yesterday said to be hoping to seal a “win, win win” and “peaceful resolution” to their price control dispute with the Government when they meet three senior Cabinet ministers tomorrow morning. John Bostwick, attorney for the Retail Grocers Association (RGA), told Tribune Business the sector believes that reaching agreement on its expanded 50-strong list of price controlled products will generate “a happy Christmas for the Bahamian public” - a sign that foods traditionally popular during the festive season have been added to the mix. Voicing optimism that the pharmaceutical sector’s successful price control negotiations with the Davis administration will rub off on the food industry’s separate talks, he added that its revised proposal had been crafted from “a consensus”

JOHN BOSTWICK reached reached among 180 businesses that include wholesale and manufacturer associations and their representatives. Mr Bostwick said the RGA’s 130 merchant members would view success as achieving a solution they can live with, rather than an initial Davis administration proposal “they could not survive”, adding: “They felt caught between a rock and a hard place, and coming out from behind that rock will be good enough.”

SEE PAGE B6

PAGE 2, Monday, November 7, 2022

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BTC CHIEF SAYS FIBRE ROLL-OUT 70% FINISHED By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE BAHAMAS Telecommunications Company (BTC) will be increasingly relying on a fibre network roll-out that is 70 percent complete to drive revenue growth and market share, its newly-appointed chief executive says. Sameer Bhatti told Tribune Business his immediate plans are to press forward with the fibre-to-the-home infrastructure deployment on New Providence until it is finished. “We’re looking to continue that roll out, and the fact that we’ve announced we’re continuing that roll-out here in the

fourth quarter and will do so through 2023,” he said. “It’s not sufficient to have it in New Providence and have it in Grand Bahama, and to have it in Abaco and Exuma. We want to take it throughout the archipelago.” BTC’s goal is that customers enjoy faster, better-quality broadband Internet and TV services when it completes the transition from its legacy copper infrastructure to fibre-to-the-home. BTC has been locked in a fierce market share battle with its main competitor, Cable Bahamas, and its mobile subsidiary, Aliv, ever since that segment of the communications market was liberalised. During the 2022 second quarter, BTC’s subscriber numbers remained relatively flat

despite losing 600 postpaid mobile subscribers during the three months to end-June. While it did gain 300 pre-paid subscribers, this still represents a quarterly net loss of 300 mobile customers. The carrier ended the 2022 first half with some 173,200 mobile subscribers split between 31,500 postpaid customers and 141,700 pre-paid clients. Elsewhere, though, BTC gained a net 400 subscribers or revenue generating units (RGUs) in its fixed-line businesses, bolstered largely by an 800 gain on broadband Internet. Fixed-line phone subscribers, though, fell by 400. At end-June 2022, BTC had 73,00 fixed-line revenue generating units split between 31,500 broadband

NAD ‘won’t be bullied’ over airport ad award FROM PAGE B1 aspersions on NAD and unjustifiably question the selection of RG Media (Bahamas). To imply that NAD is in breach of the National Investment Policy by its selection of RG Media (Bahamas), or otherwise, is simply untrue. The beneficial owner of RG Media (Bahamas) is Bahamian.” Ms Walkine appears to have been referring to a statement sent to Tribune Business by Bravo Airport Advertising, not Bahamas Airport Advertising. Bravo’s principals are Bahamian father and son duo, John and Thomas Bethel, the former of whom also heads Bahamas Airport Advertising, which has held the LPIA concession for ten years. Bravo’s statement came in response to a previous article by this newspaper, which revealed that the LPIA advertising contract was under scrutiny amid concerns that the winning bidder did not meet the RFP requirements and that the award violated the National Investment Policy. Tribune Business had received concerns, backed by documents and other evidence, which raised issues over RG Media (Bahamas) selection. A search of The Bahamas’ companies registry revealed that the firm was only incorporated on May 30, 2022 - just five months ago, and only two months after the

VERNICE WALKINE LPIA advertising concession tender was launched to potential bidders on March 24 this year. RG Media (Bahamas) 100 percent owner and president is Shane Garner, John Bull’s financial controller. All this raised questions over whether the company qualified to bid, as the original RFP stipulated that the “minimum qualifications” to participate were “five to ten years’ experience in the operation of an advertising programme that includes generating high volume display advertising sales and revenue at airports”. The winning bidder also appears to be affiliated with RG Media, a UK-headquartered company bearing the same name, and which is a subsidiary of Roadgrip - a firm that has previously performed runway surfacing and paving at LPIA and other airports throughout The Bahamas. This sparked concerns that a foreign company

was taking over LPIA’s lucrative advertising contract when the National Investment Policy stipulates that the sector is reserved for Bahamian-owned businesses only, along with questions over whether a quasi-government agency such as NAD is adhering to the Davis administration’s pledge to put Bahamians first. Mr Garner has on several occasions vehemently denied to this newspaper that he is “fronting” for RG Media in the UK, its US subsidiaries, or Roadgrip itself. Tribune Business has seen screenshots from social media showing that Mr Garner and Roadgrip’s managing director, Nick Morley, both graduated from Berkhamsted College in the UK in 1995. RG Media (Bahamas) appears to have qualified to bid, and won the contract, based on the experience and expertise of RG Media LLC and its lead adviser, Gilbert Aguiles. RC Media LLC is a foreign entity said to have a “consulting agreement” with RG Media (Bahamas) - an arrangement that Ms Walkine again reiterated was normal and legitimate on contract bids of this nature. “NAD received five proposals as a result of the RFP process, inclusive of BAA’s (Bravo’s) proposal,” Ms Walkine wrote. “Notably, each proposal received cited the expertise of international consultants and

Internet customers and 31,900 fixed-line voice subscribers, with 9,600 video/ TV clients making up the balance. This follows modest fixed line subscriber gains during the 2022 first quarter. While the carrier added 200 TV, and 700 Internet, customers over that period, this was largely negated by the loss of 700 fixedline telephone subscribers. All in all, BTC lost 1,400 fixed-line “customer relationships”. This continued the trend set late last year, when BTC lost 2,900 “revenue generating units” or customer relationships during the 2021 fourth quarter. Then, Internet and TV subscribers declined by 1,200 and 100, respectively, while fixed-line voice fell by some 1,600.

Mr Bhatti, meanwhile, noted that Cable Bahamas and Aliv are now following BTC’s lead in embracing fibre-to-the-home network technology. “My perspective is we’re customer first. What are the needs of the customers? How do we super serve those needs?” he added. “We have more speed right now. We have more value within our fibre offerings as well as our post-paid, and we have every reason for our customers to consider us to switch. So long as we stay on that path it’s good things for the Bahamian people and good things for the company. “Strategy for revenue growth is about rolling fibre. That’s the future. Think about what we’ve all been through with the

core of the pandemic. Internet access is like oxygen to many people in our country, and so we’ve had a bit of a fast forward or pull forward of those experiences,” he continued. “To us, we know that the simultaneous usage within the home, be it for streaming, be it for gaming, be it for video conferencing is only going to increase, and the bandwidth and the low latency that we enable with our fibre is key to enabling those future experiences. If we delight our customers, we meet their needs today and in the future, good things will follow. That said, we are growth-focused on growing the team, growing the network and strengthening management.”

experts as part of their experience and qualifications. “Further, most of the entities putting forward proposals were new companies either recently formed or to be formed for the purposes of the RFP. This included the submission by BAA, which was made under a proposed new company (Bravo).” No mention was made of Mr Bethel senior’s experience over the previous ten years of the LPIA contract. “Companies seeking the expertise of airport advertising consultants to support their bid, and to design and support their programme, is very common in airport advertising which is a very specialised field,” Ms Walkine added. “RG Media (Bahamas) was able to bring together the required expertise and to fulfill all of the business requirements of NAD to be successful with the bid. As such, NAD will not be bullied into a media trial over what was a fair process by a proponent with a failed bid.” She continued: “At any time and in the appropriate forum, NAD is able to

justify its selection with supporting documentation. The documentation that exists also demonstrates the sharp tactics utilised by some to attempt to frustrate the overall process, whilst simultaneously attempting to make a profit from the same process it disingenuously questions. “NAD is satisfied that due process was followed. The winner of the transparent RFP process is the one that will be able to produce

a ‘world-class’ advertising programme. NAD is pleased to be moving forward with finally improving the entire advertising programme at LPIA.” Bravo, in its statement to this newspaper, called for “an immediate independent audit” of the LPIA advertising contract award. NAD, meanwhile, has previously signalled it was unhappy with Bahamas Airport Advertising’s performance.

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‘THINGS LOOKING UP’ FOR GB: FIRST CAROLINA FLIGHT ARRIVES A CABINEt minister has asserted that “things are looking up” for Grand Bahama as the first in a series of newly-negotiated direct flights from North Carolina arrived on the island on Saturday. Some 61 passengers were on the first weekly American Eagle flight from Charlotte that landed at Grand Bahama International Airport at 11.15 am. Ginger Moxey, minister of Grand Bahama, described its arrival as “a Grand great day” for the island. “We’ve been in North Carolina recently with the Ministry of Tourism, Investments and Aviation promoting Grand Bahama, and this new flight that is direct from Charlotte, we have Raleigh coming up soon as well, so we’re so excited about the opportunities

for Grand Bahama from this new increased airlift,” she said. Toronto, Montreal and Orlando are also source markets that will soon provide direct flights to Grand Bahama. “Grand Bahama, things are looking up. It’s been needed, we’ve been through so much,” Mrs Moxey added. “In collaboration with tourism, the Ministry for Grand Bahama is working hard to continue to promote Grand Bahama as a touristic centre, and we want people to know that there’s so much to do on this island. There are so many hidden gems and I believe the people that are here today are going to be able to experience that.” She said the sister city for Freeport and Grand Bahama, Concord, is also assisting

in the tourism promotion. With this relationship, she said, “comes business exchange, culture exchange, tourism, humanitarian and education exchanges”. Nuvolari Chotoosingh, manager of niche markets at the Ministry of Tourism in Grand Bahama, was present to welcome the American Eagle passengers and said the day was the culmination of months of negotiations to bring guests from new markets such as Charlotte. “Charlotte is a major airline hub out of the United States, and so to get a flight out of there, particularly with an airline such as American Airlines that puts someone from the mid-west into Charlotte, and then from Charlotte directly into Grand Bahama, that’s phenomenal,” he said.

GINGER MOXEY, minister for Grand Bahama, and Nuvolari Chotoosingh, manager of niche markets at the Ministry of Tourism in Grand Bahama, welcomed guests on the first direct flight from Charlotte, North Carolina, to Grand Bahama on Saturday. Photo:Andrew Miller/BIS

Exchange control ease urged for digital assets participation By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net AN ACCOUNTANT has called for further exchange control “relaxation” so that more Bahamians can participate freely in digital assets and crypto currency trading.

Kendrick Christie, president of the Association of Certified Fraud Examiners (ACFE) Bahamas chapter, told a Rotary West Nassau luncheon that despite The Bahamas leading the world in creating a Central Bankbacked digital currency, the Sand Dollar, “we have limited usage of Sand Dollar. We have the world’s third

largest cryptocurrency exchange here, and there are Bahamians trading, but it’s very limited”. With Bahamians needing permission from the Central Bank to buy and sell crypto currencies, and other digital assets, Mr Christie said: “There needs to be some relaxation. I’m not convinced that given our surplus at the Central Bank

at any given moment, and the economy seems to be manoeuvring around..... I mean, there is an argument that we are still we are in a recession or close to recession, but there are some clamps on the economy. “I think at some point these investors are going to see through us. They are going to wonder how they can benefit from having

accounts created by Bahamians, and by this wealth that Bahamians have been accumulating here, to offer them returns. We have to have some relaxation to some extent.” Noting that cryptocurrencies may have to come under stricter regulation to combat financial crimes, and prevent them from being

used to commit “nefarious deeds”, Mr Christie added: “There has to be there has to be some relaxation on some of the economic policies around cryptocurrency. “I understand the current Prime Minister is being briefed on it, and he seems to be real well up to speed with what it is and what it can do, and FTX is helping him. When he looks at the economic stimulus by them, perhaps we’ll see some changes.”

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Monday, November 7, 2022, PAGE 5

FIGHT AGAINST INFLATION By CHRIS ILLING Chief Commercial Officer ActivTrades Corp IT WAS another seesaw week in the global financial markets. The hope that Beijing will relax COVID measures that have been very strict so far is fuelling expectations of higher demand. Oil prices rose sharply on Friday. There was again market speculation that China could relax its strict coronavirus policy. A barrel (159 litres) of North Sea Brent (Brent) with delivery in January cost $96.55 in the morning. That was $1.92 more than the day before. The price of a barrel of US West Texas Intermediate (WTI) grade for delivery in December rose by $1.94 to $90.11. The consistent actions by China against the spread of COVID has repeatedly led to extensive lockdowns in recent months. As a result of these tough policies, oil demand in China has fallen by an average of 400,000 barrels per day this year. On Friday morning, rumours circulated again on social media that China could be facing a change in COVID policy. There had already been speculation during the week about a possible departure from the strict ‘zero COVID’ strategy by the leadership in Beijing, but this was rejected by the Chinese authorities. Nevertheless, oil market investors have

again bet on a possible easing, which drove prices up sharply. Meanwhile, on Friday, US jobs data came in better than expected. Some 261,000 new jobs were created in October. Only an increase of 200,000 to 220,000 new jobs was expected. For several months, the general motto has been that positive job data is bad for the stock market and vice versa. But share prices continued to rise, probably because the dynamics of wage increases are slowing down. This is the seventh month in a row that this important number has been declining or at least stagnating. Friday’s employment report legitimises the Federal Reserve’s efforts to tighten its monetary policy more slowly. But it is no legitimacy to end the streamlining cycle. Federal Reserve chairman, Jerome Powell, made it clear on Wednesday this week that the US central bank must bring supply and demand back into balance in the labour market. Only then can inflation be brought down from 8.2 percent in September to the target level of 2 percent. The US Federal Reserve raised interest rates by

0.75 percentage points on Wednesday, and Mr Powell said it was too early to pause these hikes. In Europe, European Central Bank (ECB) president, Christine Lagarde, commented on the fight to curb inflation during a visit to Tallinn, Estonia. She stressed that the price stability mandate, and achievement of its inflation target, remains the ECB’s priorities. “We will do everything to achieve this goal,” she said. “The opposite would be much worse. We must not, and will not, allow high inflation to take hold. The monetary policy course could be tightened if necessary. This applies when there are signs that inflation is becoming more stubborn and there is a risk that inflation expectations will get out of hand.” In the UK, the Bank of England has raised the key interest rate to 3 percent in the fight against inflation and, at the same time, predicted a recession that could last until mid-2024. The rate hike of 0.75 percentage points was the largest in more than 30 years. It seems that we have more of these volatile weeks in the markets ahead of us.

New Duff unveils latest hot sauce THE NEW Duff says its latest product release has proven popular with consumers based on demand at its flagship West Bay Street store. The company, in a statement, said the follow-up to last year’s Guavalava hot sauce, Pineapple Pow, has been selling out since making its debut two weeks ago. While Guavalava performed well with locals and tourists alike, becoming a table favourite to pair with wings and ribs in Bahamian households and restaurants, the company added that Pineapple Pow is a complement for white meat and conch salad. Lazar Delorenzo Charlton, the New Duff’s co-owner, said: “We always get incredibly excited when we create a new product that’s a hit with our longtime and new customers alike. These sauces are physical manifestations of the love we have for what we’ve built here at The New Duff, and we couldn’t be happier at how well they’re received. The sauces are palatable for everyone and can be paired with a multitude of Bahamian culinary favourites.” Kendrick Delaney, its chef owner, added: “The people who follow us are very familiar with our innovative spirit, so we wanted

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to continue to infuse that into our shelf items and other whimsical creations that keep Bahamians and visitors alike interested in what we do. Hearing Bahamians report that they’ve been using it on conch salad was a pleasant surprise for us, and it inspires our team to continue to create more offerings that cater to the Bahamian taste buds.”

The New Duff is located on West Bay Street, just west of Arawak Cay, next to Bahama Grill. it is aiming to share the new hot sauce flavour, as well as the rest of their menu items, at the upcoming Jollification Festival at The Bahamas National Trust Retreat on Village Road.

PAGE 6, Monday, November 7, 2022

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‘PEACEFUL RESOLUTION’ TARGETED OVER FOOD PRICE CONTROL DISPUTE FROM PAGE B1 Confirming that food industry representatives are due to meet Chester Cooper, deputy prime minister; Ryan Pinder KC, the attorney general; and Michael Halkitis, minister of economic affairs, at 9.30am tomorrow in hopes of reaching a compromise agreement, he added: “That’s exactly where we are now. We are set to have a meeting on Tuesday morning. “We have responded to the Government’s last position with a revised list, and a list that has been revised in direct consultation, partnership and a broad consensus with wholesale and manufacturer representatives and their associations. There was quite a lot of thought that went into it from all associations. “I think it was very well presented, it sets out both sides - retailers and wholesalers - main items. As far as we are aware, the Government is giving it detailed consideration and we will have further discussions on Tuesday morning.” Tribune Business reported last week that the RGA had submitted an expanded list of proposed price control items to the Government, more than doubling these from the 20 initially offered in its October 26 position paper to now around 50. The latest list, which the Davis administration is now studying, is also understood

to include some entire product categories - such as baby diapers and baby formula - as negotiations intensify to secure a breakthrough that will achieve a compromise acceptable to all. “The exercise is very much the same exercise that was done successfully with the Bahamas Pharmaceutical Association, who Is also advised,” Mr Bostwick said of the food price control negotiations. “What the grocers and their wholesalers are seeking to do, as was done by the pharmacists, their retailers and wholesalers sitting together in very much the same situation, is change from [price controlled] categories to an agreed list of items. “That’s what we’re hoping to achieve when we next meet. We remain thankful to the Government for having entertained a true consultation with the real hope, as stated in our latest communication to them, that the consensus arrived at by 180 business owners, retailers and wholesalers can be shared with the Government to the benefit of a happy Christmas for the Bahamian public, with some thought having been given towards the same.” The Government and Bahamian pharmaceutical industry achieved their “win-win” agreement by trading off higher, top-ofthe-range margins for both wholesalers (20 percent)

DEBRA SYMONETTE and retailers (40 percent) in return for expanding the list of price-controlled medications to kidney and cancer drugs. The medicines to be price-controlled were also broken down into individual items, as opposed to entire product categories. Asked whether his food industry clients are hoping for the same outcome, Mr Bostwick replied: “What the Association would even be happy for is a win for the Government, a win for the public and something that is livable for them and their members. “That, in a sense, would be a win coming from what they strongly stated would be an untenable situation; something they could not survive. In that sense, you are correct: ‘A winwin-win’. They felt caught between a rock and a hard place, and coming out from that rock would be good enough.” The Government’s initial proposal capped food

wholesale margins, or mark-ups, at 15 percent for all 38 product categories listed, while those for retailers were set at 25 percent across-the-board. The move, which was designed to ease the cost of living crisis currently battering thousands of middle and lower income Bahamians, employed the blunt tool of price controls - albeit on a “temporary” six-month basis - to achieve this. The goods impacted, some of which are already price controlled, were baby cereal, food and formula; broths, canned fish; condensed milk; powdered detergent; mustard; soap; soup; fresh milk; sugar; canned spaghetti; canned pigeon peas (cooked); peanut butter; ketchup; cream of wheat; oatmeal and corn flakes. The remainder were macaroni and cheese mix; pampers; feminine napkins; eggs; bread; chicken; turkey; pork; sandwich meat; oranges; apples; bananas; limes; tomatoes; iceberg lettuce; broccoli; carrots; potatoes; yellow onions; and green bell peppers. However, the move blindsided Bahamian food merchants and their wholesale suppliers, who had received no advance warning or consultation on the Government’s plans. They warned that the 38 selected categories included more than 5,000 product line items, and would lead to between 40-60 percent of a retailer’s inventory becoming price controlled with mark-ups below their cost of sales. This would result in a large portion, or the

majority, of their inventory being sold at a loss. Besides threatening hundreds of industry jobs, and the very survival of many operators, the RGA and its members also warned that the original proposal could result in food shortages as retailers/wholesalers decline to stock loss-making items while also increasing prices on non-controlled items, thereby further fuelling already soaring inflation. “We’re really hoping that the spirit of consideration, understanding and partnership shown between the Government and Pharmaceutical Association carries over into these negotiations because these services are equally critical, and there is a quite equal desire to reach an agreement,” Mr Bostwick told Tribune Business. “We got the document back to them on Friday, and I really do hope they can come to terms. I’m hoping that we can reach a consensus and a peaceful resolution.” He confirmed that there have been no moves by Price Control to enforce the Government’s original price control list, and/or hand out fines to merchants, despite the Davis administration having set November 1 as the deadline for them to come into effect. Mr Halkitis last week said the Government had agreed to some of what the food distribution industry has been requesting, namely higher mark-ups for Family Island retailers and perishable products that have a shorter shelf-life and go bad much quicker. While the Association had supported 25 percent on all dry grocery items,

it requested that this be increased to 30 percent for Family Island businesses due to the extra shipping, logistics and overall business costs they endure compared to New Providence. And, due to “the rising costs of electricity and shrinkage (spoilage), the food retailers had called for a 35 percent mark-up in Nassau, and 40 percent in the Family Islands, for perishable goods as opposed to the Government’s originally proposed 25 percent limit. Mr Halkitis said the Government had agreed to a five percentage point increase in the mark-up for price-controlled perishables, such as meats and vegetables, along with “a slight increase for the Family Islands to cover transportation”. Debra Symonette, Super Value’s president, told Tribune Business the margin increases on perishables and the Family Islands were “very valuable” for merchants. “We’re particularly concerned about the Family Islands because their overhead costs are a lot more with the shipping,” she explained. “They have some real issues with their perishables getting there. By the time they get there, they have to throw a lot of their perishables away. Because of their unique factors; their freight, having to ship all of their goods a little further and the time factor plays a part in perishables..... They cannot survive a long, long time and, when they get there, they have to throw a significant amount away. And all of us have to deal with some pilferage and spoilage. “We have to cover all of our operating expenses, and there are so many of them. Don’t forget that Bahamas Power & Light (BPL) is going up, the minimum wage is going up, so costs are rising and our expenses are going up. We can’t have the margins going down at the same time. That would be counter-productive.”

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Monday, November 7, 2022, PAGE 7

Minister pledges to seek ‘common ground’ on NHI FROM PAGE B1 the concerns of the MAB and its members about not being consulted by asserting: “It is critical that the widest consultation is given for the benefit of the Bahamian people.” The MAB, in a statement first reported by the newspaper, warned that the legislation “must not be rushed” while adding that NHI must get physician compensation correct. It added that the powers granted to the NHI Authority - the body charged with overseeing the scheme - were “simply too widereaching” and could infringe on the rights of both patients and medical providers, with the Government looking at “a deep dive into socialised healthcare through NHI”. Dr Darville, striking a conciliatory tone, pointed out that there had been a series of consultative meetings held between the NHI Authority and the MAB over the new NHI Bill in early October. “We have to do more consultation,” he told this newspaper. “When I laid the Bill, I said we would be going into more consultation. There’s a bit of wiggling room, and we recognise working with the Authority there’s work to do in communicating on the way it’s been put together. “We’ve had consultants guiding us through the process. We knew capitation - that, perhaps, would be a sensitive issue for further discussion. What I laid was not set in stone, and we’ll go back to the Association and see what common ground we can find.” Dr Darville did not identify the consultants he was referring to. However, the NHI Authority’s 2021 annual report reveals that the KPMG accounting firm earned some $4.663m for

providing consultancy services to the scheme over a two-year period. “The Authority has entered into various engagements with KPMG with respect to the NHI project, which includes [among other things] support for implementing and operationalising of the new policy, project management of the EHR (electronic health records) solution, and advice and assistance for the amendments to the NHI Act 2016,” the annual report said. KPMG was paid some $1.769m in 2020, and a further $2.894m in 2021. Meanwhile, Dr Darville added of the MAB position: “We take it very seriously, which means we will definitely have to go back to the drawing board... I wouldn’t say drawing board, but we will have further consultation and see if we can work out more of the sensitive issues for the benefit of the Bahamian people. “The consultation is ongoing, because when I laid that Bill I made clear there would be further discussions. The consultations will continue, and if they are still uncomfortable we will need to figure out where we can find this common ground.” The NHI Bill laid in the House of Assembly last month by Dr Darville, and which will repeal and replace the existing 2016 Act, aims to make the scheme’s Standard Health Benefit the minimum level of insured medical care for all Bahamians whether they are covered by private insurers or NHI. Doctors spoken to by this newspaper have argued that the legislation seeks to introduce price controls, similar to those that have rocked the food and pharmaceutical industries in recent weeks, by capping or

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHARLENE INGAR NATASHA JOHNSON of The Eastern District, Nassau, Bahamas, intend to change my name to CHARLENE INGAR NATASHA KNOWLES. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that DESHANDA GODIN of Adderley Street & Grants Town, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that WALLACE PETIT of #48 Miami Street North, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CHERNA AGENOR of Wilson Tract, East Street, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of October, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

setting limits on how much they and private health insurers can charge for providing Standard Health Benefit services via fees and premiums respectively. NHI currently pays its doctors and medical providers using the capitation method, whereby they receive a risk-adjusted sum for each patient allocated to them per month regardless of how often they see the physician or volume of services provided. Private doctors, though, fear this method could result in reimbursement failing to properly cover their expenses associated with providing such care. Such concerns were detailed in an October 20, 2022, letter sent to Dr Cindy Dorsett, the MAB’s president, by Christy Butler, the NHI Authority’s chief executive. Described as a summary of the Authority’s three consultation meetings on the new Bill, which were held between October 6-October 13 and attended by more than 160 doctors, Ms Butler pledged to review NHI’s capitation rates for doctors and ensure they are competitive. “Inquiries about the current payment system were also raised on various occasions,” she wrote on the meetings via a letter which has been obtained by Tribune Business. “Most of the questions involved the NHI Authority’s capitation payment system for primary care providers, whereby providers are paid a set monthly fee for every patient actively rostered to them. “One of the key advantages of the capitated payment system is providing a predictable and stable

revenue base for providers, since fees will not depend on the number of patient visits. Capitation payment is widely recognised as the best form of reimbursement for primary care services.” Nevertheless, she later wrote that the capitation rates were among the issues “warranting ongoing review and potential changes”. Ms Butler added: “The NHI Authority recognises recent economic uncertainty, and commits to ensuring competitive capitation rates for providers now and in the future to ensure a broad participation of providers across country to meet the needs of beneficiaries. “We intend to take an evidence-based approach to re-evaluate rates and compare across separate jurisdictions to ensure fair remuneration for physicians, based on service utilisation.” Without the co-operation and active involvement of doctors and the wider private healthcare industry, the Government’s ambitions to expand NHI will struggle to gain lift-off. “The NHI Authority also plans to monitor the existing cap on panel sizes for full-time providers, which currently is 2,000 beneficiaries for those working 42 hours per week committed to NHI,” Ms Butler said. “While our priority continues to be ensuring high quality patient care and access, we are committed to evaluating other alternatives to the current approach. We will continue to engage the MAB as we evaluate new models of care which provide opportunities to expand roster sizes.” Dr Darville, in his statement, described the new

Bill as “another critical step in upholding the Government’s commitment to the transformation of the Bahamian healthcare system and pursuit of universal health coverage as laid out in our Blueprint for Change”. “All Bahamians deserve a robust and modern healthcare system that puts them at the centre of every decision and, as a result, prioritises the need for expanded access to quality services. The amendment of the NHI Act along with other health system reforms are being undertaken in the best interest of the Bahamian people,” he said, pointing to the fact that some 140,000 persons now access medical services via NHI. Calling on the MAB “to partner with us and provide a formal response on the Bill, and future plans for the healthcare system”, Dr Darville added: “The Medical Association of the

Bahamas, as a key stakeholder, has been included throughout the evolution of the NHI Bahamas programme with a seat at the table via the NHI Board of Directors and the legislative reform process will prove no different.... “Our parliamentary process promotes full engagement. For clarity, when a Bill is tabled and read for the first time, the Speaker orders the Bill to be printed and the Bill is circulated to all Members of Parliament and the public. After debate in the House, a committee of the House will have a further opportunity to amend or delay the Bill. “In essence, the Bill continues in its consultative process with all major stakeholders. The NHI Bill is by no means is in its final form. It is critical that the widest consultation is given for the benefit of the Bahamian people.”

PAGE 8, Monday, November 7, 2022

THE TRIBUNE

MARKET REPORT www.bisxbahamas.com

FRIDAY, 4 NOVEMBER 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 7.00 53.00 2.76 2.46 2.85 6.20 10.05 4.34 10.65 3.65 8.51 17.50 3.25 11.28 11.67 11.50 18.30 4.00 11.50 16.50

52WK LOW 5.30 40.00 1.60 2.20 2.19 5.75 8.78 2.82 7.50 2.27 6.01 10.25 1.99 9.25 9.16 10.00 14.05 3.50 9.50 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 9 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CHANGE

%CHANGE

YTD

YTD%

2625.62

31.78

1.23

397.38

17.83

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB9 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.27 100.24 99.95 99.95 100.57 100.52 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.30 99.95 100.11 99.96 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.55 4.83 2.24 207.86 212.41 1.75 1.91 1.87 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.70 1.76 1.77 0.96 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BGRS68023 BGRS FL BGRS76024 BGRS FX BGR142251 BGRS FL BGRS91032 BGRS FL BGRS95032 BGRS FL BGRS97033 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS680232 BSBGRS760240 BSBGR1420516 BSBGRS910324 BSBGRS950320 BSBGRS970336 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 6.95 39.95 2.76 2.46 2.85 6.20 8.78 3.95 10.25 3.25 8.50 16.00 3.64 10.50 8.83 10.85 18.10 3.98 11.38 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.17 100.24 99.95 99.95 100.45 100.19 89.62 100.00 100.00 100.00

CLOSE 6.95 39.95 2.76 2.46 2.85 6.20 8.78 3.95 10.25 3.49 8.50 16.00 3.76 10.50 9.04 10.85 18.10 3.98 11.38 15.50 1.00 1000.00 1000.00 1.00 10.00 1.00

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME

100,000

5,000

0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.95 99.95 100.45 100.19 89.62 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.17) (0.24) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.24 0.00 0.00 0.12 0.00 0.21 0.00 0.00 0.00 0.00 0.00

(242) 323-2330 (242) 323-2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.63% 4.50% 6.40% 4.37% 4.31% 4.31% 5.55% 5.60% 5.65% 5.69%

570 500

NAV 2.55 4.83 2.24 197.44 202.39 1.75 1.91 1.87 0.96 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610

YTD% 12 MTH% 2.24% 4.01% 3.42% 7.26% 1.70% 2.82% -2.97% -2.35% -4.72% 6.04% 1.96% 2.84% 4.83% 7.23% 3.48% 4.44% -6.57% -8.29% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 29.1 42.9 N/M 17.6 N/M N/M 23.8 -9.0 73.2 19.0 18.9 22.2 36.9 22.5 14.0 14.9 22.2 19.6 12.1 24.6 0.000 0.000 0.000 0.000 0.000 0.000

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 21-Jul-2023 18-Jan-2024 15-Feb-2051 15-Aug-2032 25-Sep-2032 17-Apr-2033 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Jul-2022 31-Jul-2022 29-Jul-2022 31-Mar-2022 31-Mar-2022 31-Aug-2022 31-Aug-2022 31-Aug-2022 31-Aug-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

Share your news

YIELD 2.45% 3.15% 0.72% 3.25% 0.00% 0.00% 2.96% 0.00% 0.00% 3.44% 2.59% 4.50% 11.54% 0.57% 3.63% 2.21% 2.98% 3.02% 1.76% 3.94%

THE TRIBUNE

Monday, November 7, 2022, PAGE 9

Career Opportunity

CAD TECHNICIAN • • •

Must have - 5 years experience using CAD Ideally - 2 years experience working for an architecture firm Be able to produce full architectural drawings (internal floor plans, elevations, site plans) Create high-quality detailed technical drawings and plans based on designs supplied by architects and designers and make modifications to existing drawings Use a variety of CAD software programmes to create designs in 2D and 3D models Liaise with architects, engineers and designers to understand their design requirements and provide technical advice to manufacturing and construction technicians Provide accurate, detailed and to scale drawings Ensure drawings are compliant with industry and health and safety standards and protocols Calculate costs and apply knowledge of materials and engineering principles to check feasibility of manufacture and construction of the product Conduct site visits and surveys when required Present working drawings for use in all stages of the project, tender, manufacture/construction and installation Produce installation and manufacturing documentation Maintain accurate records.

• • • • • • • • • •

Should submit examples of previous work/ projects completed

email: hr@palmcay.com

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 70° F/21° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Clouds and sun with a thunderstorm

Partly cloudy, a couple of t‑storms

Wind and rain

A little rain from tropical storm

Mostly cloudy with a shower

A morning shower, then a t‑storm

High: 86°

Low: 77°

High: 85° Low: 76°

High: 84° Low: 75°

High: 87° Low: 74°

AccuWeather RealFeel

88° F

77° F

88°-74° F

87°-77° F

93°-78° F

93°-77° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 84° F/29° C Low: 74° F/23° C

20‑30 knots

High: 85° F/29° C Low: 76° F/24° C

20‑30 knots

FT. LAUDERDALE

FREEPORT

High: 85° F/29° C Low: 76° F/24° C

E S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 87° F/31° C Low: 69° F/21° C

| Go to AccuWeather.com

High: 84° F/29° C Low: 75° F/24° C

MIAMI

High: 85° F/29° C Low: 75° F/24° C

12‑25 knots

KEY WEST

High: 83° F/28° C Low: 75° F/24° C

ELEUTHERA

NASSAU

High: 86° F/30° C Low: 77° F/25° C

High: 86° F/30° C Low: 75° F/24° C

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

6:40 a.m. 6:56 p.m.

3.4 2.8

12:23 a.m. 0.0 1:04 p.m. 0.1

Tuesday

7:22 a.m. 7:38 p.m.

3.4 2.7

1:03 a.m. 0.0 1:48 p.m. 0.1

Wednesday 8:02 a.m. 8:18 p.m.

3.3 2.6

1:42 a.m. 0.0 2:30 p.m. 0.2

Thursday

8:42 a.m. 8:59 p.m.

3.2 2.5

2:21 a.m. 0.1 3:12 p.m. 0.3

Friday

9:22 a.m. 9:40 p.m.

3.1 2.3

2:59 a.m. 0.3 3:54 p.m. 0.4

Saturday

10:04 a.m. 10:23 p.m.

3.0 2.2

3:39 a.m. 0.4 4:37 p.m. 0.6

Sunday

10:47 a.m. 11:10 p.m.

2.8 2.1

4:21 a.m. 0.6 5:24 p.m. 0.8

sun anD moon Sunrise Sunset

6:21 a.m. Moonrise 5:26 p.m. Moonset

5:02 p.m. 5:28 a.m.

Full

Last

New

First

Nov. 8

Nov. 16

Nov. 23

Nov. 30

CAT ISLAND

High: 86° F/30° C Low: 75° F/24° C

15‑25 knots

12‑25 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 77° F/25° C Normal high ....................................... 82° F/28° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 70° F/21° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 49.87” Normal year to date ................................... 36.30”

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 86° F/30° C Low: 75° F/24° C

High: 86° F/30° C Low: 76° F/24° C

High: 86° F/30° C Low: 75° F/24° C

W S

LONG ISLAND

tracking map

High: 86° F/30° C Low: 76° F/24° C

15‑25 knots

MAYAGUANA High: 84° F/29° C Low: 76° F/24° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 85° F/29° C Low: 75° F/24° C

High: 85° F/29° C Low: 76° F/24° C

GREAT INAGUA High: 83° F/28° C Low: 76° F/24° C

10‑20 knots

6‑12 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS NE at 20‑30 Knots NNE at 30‑40 Knots NE at 15‑25 Knots NNE at 20‑30 Knots NNE at 12‑25 Knots N at 12‑25 Knots N at 8‑16 Knots W at 8‑16 Knots NNE at 15‑25 Knots NNE at 20‑30 Knots NE at 20‑30 Knots NNE at 25‑35 Knots NE at 12‑25 Knots N at 15‑25 Knots N at 6‑12 Knots W at 8‑16 Knots NNE at 10‑20 Knots NW at 10‑20 Knots NNW at 8‑16 Knots WSW at 10‑20 Knots NNE at 15‑25 Knots NNE at 20‑30 Knots NE at 10‑20 Knots NW at 10‑20 Knots NE at 15‑25 Knots N at 15‑25 Knots

WAVES 8‑12 Feet 16‑20 Feet 1‑3 Feet 1‑3 Feet 6‑10 Feet 8‑12 Feet 4‑7 Feet 4‑7 Feet 6‑10 Feet 10‑14 Feet 3‑6 Feet 5‑9 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 6‑10 Feet 6‑10 Feet 2‑4 Feet 3‑5 Feet 2‑4 Feet 1‑3 Feet 3‑5 Feet 3‑6 Feet

VISIBILITY 5 Miles 3 Miles 7 Miles 5 Miles 5 Miles 5 Miles 7 Miles 7 Miles 5 Miles 3 Miles 5 Miles 3 Miles 5 Miles 5 Miles 7 Miles 10 Miles 5 Miles 5 Miles 8 Miles 10 Miles 8 Miles 3 Miles 7 Miles 5 Miles 5 Miles 3 Miles

WATER TEMPS. 82° F 81° F 81° F 81° F 84° F 84° F 85° F 85° F 83° F 83° F 79° F 78° F 84° F 84° F 85° F 85° F 86° F 85° F 84° F 84° F 83° F 83° F 85° F 85° F 84° F 84° F

THE TRIBUNE

Monday, November 7, 2022, PAGE 11

Port beats profits 19% via $677k debt slash FROM PAGE B1 Government with its 40 percent ownership, have already benefited from the 2021 $30.482m preference share refinancing and removal of this debt from the balance sheet. APD’s earnings before interest, depreciation and amortisation were relatively flat, only increasing by a little over $600,000 or 4.2 percent year-over-year to $15.155m as opposed to $14.54m in 2021. The same was true for earnings before interest, which was less than $50,000 ahead of the prior year at $10.614m. However, the refinancing - which occurred during the first quarter of APD’s 2022 financial year - slashed its preference share debt servicing costs (dividends) by more than five-fold to $320,563 from $1.768m the year before. And, while its replacement with bank debt saw interest expense associated with the latter jump to $770,295, this was more than offset by the lower interest rate attached. As a result, APD’s net financing costs fell by 17.7 percent year-over-year or by some $688,000 to $3.207m compared to $3.895m the year before. “We repaid our preference shares and replaced it with a longterm debt at a much lower interest rate in September 2021,” Mr Bethell affirmed to Tribune Business.

“The full year 2022 interest expense related to the bank debt ($770,000) and approximately three months of the preference shares ($321,000), totalling $1.091m versus interest on preference shares totalling ($1.768m) resulted in a net savings of approximately $677,000 in financing costs year-over-year. Moving forward, the savings would be reflected through the interest expense at 3.1 percent versus 5.5 percent on the reducing balance of the principal.” Elsewhere, APD saw its total revenues rise by nearly $1.2m year-over-year to $29.96m in 2022 as opposed to $28.775m in the prior year, representing an increase of 4.1 percent as the Bahamian economy - and therefore imports and shipping cargo volumes - continued to recover from COVID-19 and associated lockdowns and restrictions. Mr Bethell said revenues and expenses for the 12 months to end-June 2022 exceeded APD’s internal budget forecasts by 5 percent and 1 percent, respectively. Identifying the main revenue growth generators, he added: “The main drivers for the increase in revenue year-over-year were related to TEU volumes and vehicle volumes, which increased by 8 percent and 16 percent, respectively. “The volume increases were related to COVID recovery. Hotel occupancy increased along with air

THE WINN, the first phase of Milo Butler Investments $10m project in downtown Freeport. Photo:Courtesy of Windward Public Relations

MILO BUTLER MARKS ‘WINN’ IN $10M FREEPORT PROJECT MILO B. Butler & Sons Investment Company has marked the completion of its $3.9m first phase downtown Freeport project by renaming the property it has redeveloped. The Winn, a 32,000 square foot building that previously housed Winn Dixie food store, will now be home to BISX-listed AML Foods’ Solomon’s Freeport store. That outlet will take up 20,000 square feet, or 62.5 percent, of the available space while the remaining 12,000 square feet will be leased to government agencies for use as offices. Ginger Moxey, minister for Grand Bahama, spoke at the renaming ceremony that was also attended by senators James Turner and Kirkland Russell, the latter of whom is deputy director of urban renewal. The redevelopment costs for this phase totalled $3.9m, and work took around ten months to complete. Grand Bahamabased Patrick McDonald Construction Company served as lead contractor. “Today we are pleased to celebrate this milestone with our partners here in Grand Bahama. As a company, we have always had strong ties to the community and this project, in particular, shows our commitment to being part of the resurgence of downtown Freeport,” said Damian Butler, Milo Butler Investments’ interim chairman and newly-appointed managing director. “There have been many challenges faced along the

way. Construction delays due to the pandemic, along with global supply chain issues, impacted our project timelines. Despite all of this, our team was able to deliver. As we move into the next phase, we are encouraged by the resilience of the community and hope that our investment serves as a catalyst for others to see the potential that exists here in Grand Bahama.” Mrs Moxey said: “On this wonderful occasion, I can say with assurance that the longawaited revitalisation of downtown Freeport is finally here. My heart is filled with joy for the downtown businesses, and the businesses operating in the surrounding areas, who have remained hopeful, steered the course with determination and fought to keep their doors open in anticipation of what is about to come.” Phase two of Milo Butler Investments’ project will focus on renovating the 22,000 square foot Grand Union building over the next 12-15 months. In total, its property redevelopment will involve a $10m investment. Milo Butler Investments focuses on commercial and residential real estate development projects in The Bahamas. The company also manages a portfolio of investment securities. In addition to the Downtown Freeport project, it owns and operates the Lucayan Shopping Plaza in Grand Bahama, the Shops At Carmichael and Tuscan Shores subdivision in New Providence.

and sea arrivals, and project cargo for Gold Wynn, the US Embassy and the Nassau Cruise Port. TEU volumes were 128,994, 8 percent higher than financial year 2021. Vehicle volumes were 10,056, 16 percent higher than 2021, and bulk tons were 304,590 or 10 percent lower than 2021. “TEU and vehicle volumes are still below pre-pandemic volumes in financial year

2019 but steadily trending upward, and Bulk ton aggregate volumes are slightly over pre-pandemic levels.” On the expenses front, APD’s total operating costs rose slightly year-over-year to $14.805m, a 4 percent growth over the prior year’s $14.235m, and almost matching the rate of revenue growth - again highlighting the refinancing’s importance to the company’s performance.

“We remain very prudent in the management of expenses. The acquisition of the new crane reduced some of our R&M (repair and maintenance) expenses,” said Mr Bethell. “We negotiated more favourable rates and terms for key operational expenses and service contracts. Where possible we did certain work in-house.” Asked about the outlook for the current financial

year, which closes at endJune 2023, he added: “We look forward to returning to our pre-COVID volumes and the economy rebounding, as our tourism numbers return via air and sea arrivals and more Bahamians are re-employed or their week hours increase. Children have returned to in-class learning and the mask mandates have been lifted.”