The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Bahamas Waste is targeting a 20 per cent year-over-year increase in cardboard and cooking oil collections for 2014 as it bids to move its recycling business into high gear, following a year in which it closed its Abaco operation.

Writing in the BISX-listed waste collection services provider’s annual report, released yesterday, its chairman, Peter Andrews, said: “Recycling efforts in New Providence seem to be improving, as there is a growing awareness that limiting the amount of material entering the landfill is in everyone’s best interest.

“Our goal in 2014 is to increase the cardboard and cooking oil collections by 20 per cent, and to recycle other elements of the waste stream.”

Hitting that goal would increase raw material supplies for Bahamas Waste’s biodiesel and cardboard export production facilities, two initiatives that will benefit both the environment and the Bahamian economy.

“Our customer base for non-government residential services continues to grow, as does the ‘white glove’ residential service,” Mr Andrews added.

“Sadly, the closing of operations in Abaco ended a dream to provide complete services on our nearby island. We still provide services for the AUTEC Base (Atlantic Undersea Test and Evaluation Centre) in Andros.”

Echoing his chairman, Francisco De Cardenas, Bahamas Waste’s managing director, told shareholders: “In October we closed our Abaco operation, which was a very difficult but necessary decision. We would like to thank all the companies that supported us from day one, and allowed us to be the catalyst for increasing the level of waste handling services in Abaco and its surrounding cays. Again, we are ready to come back when needed.”

Sticking to the same themes as Mr Andrews, he added: “While we have yet to meet our goals with regard to our recycling efforts, we are determined to make every effort to make this part of our business successful, as we understand its importance to our environment.

“It is our hope that incentives for recycling will one day be recognised as a positive business decision, and others will join us in the movement. We are grateful for our supporters thus far and work diligently every day to make these ventures successful.”

Bahamas Waste suffered a 9.7 per cent drop in net income for 2013, falling from $829,883 in 2012 to $749,442 this time around.

While top-line sales grew by almost $1 million, from $9.885 million to $10.721 million, rising ‘costs of sales’ ensured that gross income only inched up by $58,000 to $3.149 million.

When it came to Bahamas Waste’s share repurchase programme, which allows the company to buy back up to 10 per cent or 420,000 of its ordinary shares in the three years to-end October 2015, some 65,772 securities had been re-acquired for a total of $178,465 at 2013 year-end.