Regency Petroleum Company Limited (RPL) Earnings Call Transcript & Summary

Welcome to the Regency Petroleum Limited earnings call for the financial year ended December 31, 2023. Regency had a great year once again, and the team is here to discuss their performance. I am Rene McDonald, Investor Relations lead at Learn Grow Invest Limited. And with me today, I have Andrew Williams, the CEO of RPL, who will be walking us through the company performance for 2023. Welcome, over to you.

Welcome to our earnings call for  Regency Petroleum. We will be discussing today our 2023 audited financials and our performance last year. Let's start with by having a word of prayer. So let's pray. Heavenly Father, we come to you once more for another earnings call. We thank You for life. We thank you for this opportunity. We thank you for our  Regency Petroleum. We thank you for shareholders, its investors, and we thank you for our Jamaican people and our general public and audience we ask that you continue to bless this company. Continue to bless others, continue to do your goodwill in this company of a -- and as we go through and enter a new year, we ask for your continued lettings upon the company upon each and every 1 of us. So welcome once more to our earnings call, and we thank Learn Grow Invest for giving us this opportunity where we can share with our shareholders and the general audience on our company's performance over the last year. Moving through into our highlights for 2023. We have a 36% increase in our revenue well a significant increase, I would say, in our revenue over the past year. We also had increases of 68% in our client property and equipment. So our asset base has grown also. We also had or opening of our service station in Paradise, which was well anticipated -- and we have a few delays. However, we [indiscernible] we had our opening in 2023 with accomplishment also with what we have targeted and also with regards to our LPG. So the gas station would be reason to our automotive fuel. And our LPG division, we also had a major a significant accomplishment in terms of our franchise agreement with our company, Just Gas Limited, who helped to boost our LPG bulk sales and also to engage a Jamaican company in the business and encourage them and assist them in what way we can by the growth and development of both companies and essentially benefit to our consumers and our shareholders also. So we had opening up our service station. With regards to our corporate responsibilities. We didn't have a significant, I would say, donations or anything significant the last quarter, however, in general over the entire period, we had donated it's a part of our culture of  Regency Petroleum to contribute towards our community or country in general. So we donated to Pan Am Aquatics for the rural reason. We had a donation toward that. We donated to schools that we [indiscernible]. So we have a number of schools and that we generally -- I would say we have obligations to and we try to live up to these obligations. So we continue with that, and we continue with that in the fourth quarter. I will continue doing so as well as the existence of Regency. So moving on to our financial highlights. Our CFO, Mr. Jerry Grant, will expand on that. Thank you.

Well, good afternoon to our listeners. And I must say I need for taking us through 1 full year of operation since being listed. The result for first fully after business study is, I would say, a mixed result. We have managed to grow our revenue by 36% over the previous year, and I think that is a ends tremendous achievement. However, our operating profit reduction of 42%, and this is mainly to some huge cost that we have to bear in being a public company and also it comes with a growing operation. Some of these costs would have included a huge increase in our store costs. As you know, we are rolling out our various gas station and additional staffing. We have also a significant increase in our advertising and promotion. Our legal and professional fees has shown a significant increase also. And also our security cost which before it minimal basically showing tremendous increase due to security that we have to put in place. Our profit before tax resulted in a 37% reduction over the 2022 period. And that is after taking into consideration our finance costs. The net profit for the period showed a reduction of 18%, which given that happened throughout 2023 is not a bad achievement. Earnings per share reduced by 25% due to the reduction in the profit for the period. Our LPG in 2022 was 18% of our overall business. So 18% of the total sales would have reflected in -- would have come from the LPG segment. We have managed to increase by 6%. So our LPG segment is 24% of our total revenue, we will continue to grow that aspect of the business as we start will expand that. Our reserve is still pretty much pretty strong. As of 2023 $67 million, slightly down from the previous year, which was short $94 million, but still pretty good for our company that is spending and spending a lot still cash reserve. We have invested a lot in our property, plant and equipment, and it is shown near 60% increase over 2022. So it's now $425 million in our property, plant and equipment. Our cost receivable 178% increase that whoever we need is I need to explain that if not traceable is pretty much insignificant. Like in this figure most of these receivables are in relation to one of the gas station that we are constructing. Those costs will be reimbursed -- will be reimbursed to RPL, which we have an agreement. It's going to be set up against future leads. Our long-term liability is showing $215 million, and that is from the was announced in previous earnings call. Our PMS 146% increase. And I must say that we are within our payment terms with all our suppliers. We have not increased days in which to pay based on our past performance and also due to additional gas station that are opened we have increase in from supply from our supplier. Cash flow from operation in 2022, it was $71 million, and we have increased that to $75 million in 2023. Just from investing, we have invested in this gas station $186 million 6 was invested in 2022. It's now a $225 million been invested in 2023. Cash flow from financing, $215 million in 2023. That was from the bond in 2022 that was from another source loan from another source. Okay. Our share capital, as we know, those were from the IPO of $260 million and our retained earnings increased $36 million at the end of 2023. That is due to the additional profit that we made during 2023. I will now turn over to our CEO.

Thank you for that insight on the financials. Now with regards to our company's outlook for 2024 and the year to call. It is our objective for us to have these service stations completed. Now we had some delays, and we have had opened Paradise August of last year, we opened mid January, mid-January this year, and we have the Kingston location slated to be opened second quarter of this year. And what we have seen that we should have it in the first quarter. But again, we had 2 delays. I want to specific on this. There were -- we had 2 major delays caused in the Kingston store to open in the first quarter. And those were the rainfall, the significant rainfall that we had experienced in Kingston 2 times. This had basically obstructed some of the major infrastructure works that were put in place, specifically the installation of these tanks underground. So we had excessive rainfall that disturbed our infrastructure setting. We had to redo that and get retested and recertified. And after doing so there was second episode of similar nature, which caused similar disruptions this quarter we overcome this in a year about, say, 4, 5 weeks, which appear is little longer as much as so it's going to take like probably a full quarter 2, 3 months to get back on par. So unfortunately, we were these repairs remediate these problems that we have and we are back on track now. And we -- I can say that we -- we would have deal service to open in the second quarter of the year the service to. So our outlook for 2024 currently is forecast on having these services are also for the offer will be having these 4 service divisions in full operation for 2 quarters where we can actually experience our real experienced actual revenues and profits now from these service stations. Over the past year, 2 years, we have been projecting profits and revenues from these stations from 1. And in 1 year, we have accomplished so much than in JSE. We have accomplished so much in that 1 year where we have opened Paradise open Neville and now we will open Kingston. So when we have these 3 service stations in operations, we will experience actual revenues and profits. I would say, comfortably 2 quarters after opening the Kingston, the fourth one, we would experience 2 quarters and we want to show our shareholders also -- I mean, we wanted to experience these return revenues, what -- so we see actual but we get a little actual revenue that we are making from the company now. And then we know how we can move on in terms of financing and the so that is -- so what I can say is that we don't expect anything if you can expenditure to take place in the next 2 quarters post opening of this service station in Kingston. However, it's very important to know that, currently, we are a growing company, and we are seeking opportunities to grow and expand, especially in the automotive sector. So we are currently seeking location for future service stations. And as I always say, the construction of our service station is 2 parts. The first half, which is seeking approvals, which is time consuming. And so we are currently in the process of seeking -- seeking profile properties. So we are still under expansion mode on that asset. This is just that we will not see any major expenditure without the construction of new service stations but we are currently seeking properties, I mean across a in the company across [indiscernible] comes on to petroleum products. So we are seeking to expand on the automotive fuel by our service stations With regard to the LPG, we are growing our It is a highly capital intensive division of the business. And we have to be careful how we are approaching. We have our strategies in place. So we have so many strategies in place to grow the LPG, both bulk and retail, we are so something our market share and to grow the market share. So this is something that I can but it has been -- has proven itself we have proven the strategies that we have employed to sustain our market share and to grow our market share marginally and organically. So we will continue over the past year to invest in LPG division [indiscernible] highly capital intensive and also bulk we had our franchise that we made with Just Gas mid last year, last year. So this has set as you can see in the financials, to boost our LPG sale primarily on the both sides. So when I talk about both I'm talking about bulk sales of hotels, bakeries any bulk use of petroleum. So we have the infrastructure so we try to just optimize that -- most efficient with that. And we aim to be our first world country. So in we invest a lot in customer service. And so we try to be #1, I will try to be a first we need already comes out to some of service. It is very critical close to our customers, we fully satisfied are all more satisfied with the service that they get. Especially from the more local companies [indiscernible] and also in saying that we assist just yes and within the opportunity because they are investing in their business. And Jamaican company we try to assit So just on any other Jamaican general income in the world have a touch on our business and grow their business at any you can assist. If you legitimately want to have a legitimate business by business and the opportunity that we are able to we will be open unwilling to have any [indiscernible] any company, especially in companies grow. We want to see them grow and expand and become multinational also because once we're in a globalized economy, and I have to be able to equip ourselves or associates or our associated companies we can ask it so we can all grow because when we grow [indiscernible] everybody benefits. The consumers benefit, the benefit. And the economy benefit is socially we beneift also because we will continue since we will continue our social responsibilities. Now we have -- were in a growing significantly can see over the past year. But what I can say is this, we have put the necessary infrastructure in terms of internal infrastructure piece with regards to administration. If you look on our finance deal with administrative cost have increased, but the open please correct me, satisfied what we have coming on stream, which is the 4 services the operation of the core services of can I do prime an optimally onto and manage the service on and be fully efficient. So that part is part of the reason why we -- or unresolved also significantly because we are certainly increase by our planning will now use drop into operating the service now we don't have the necessary infrastructure in a I mean ministry was it's very critical to have our management team, especially the way you're operating in this part of the industry in the petrol industry. So I will see that we will continue to be carbides he is the 1 who is leading us on as the CEO of regional I can tell you. that we look to him and we are always looking in quite and we have carried to our first year post listing on the stock market in my estimation and it's very grateful, and I think [indiscernible] I mean, it should be -- it's a little [indiscernible] or by the past year we have listed 1 year and in 1 year, we have 3 services stations When we have entered this -- the listing of the company in 2022 December. We only have slated service station other 1 to be leased. Now we have our third one, which came on board, and we are looking to even complete this third one less than a year because Kingston services station will actually will commenced construction in June, July of last year. So if we can have this open, which we -- everything is unscheduled in the second quarter, we'll actually come concoction. Let's to make more than that. And so let me get back to the actual outlook. We had -- for 2024 we just want to have these as service stations open. I can see the profits and revenues from the actual profits and revenues from them. And in the back row, we are currently seeking opportunities for where we can open other service stations across the island. We grew LPG organically. And if something comes in all up, yes, we've at Kingston I mean we will definitely not hesitate as well as it's feasible for the growth and development of the company. And as we increase our profits on our revenues moving forward, definitely, we will not hesitate and actual on those So definitely for 2024. And I'm looking forward for these 2 quarters and easily anticipate, I know opening of the service station and let us see what happens quarters to -- next 2 quarters come where we can meet again and we can discuss our actual revenues and our actual profits based on what are projected, and based on what we actually are facility giving us this opportunity where we can share with our shareholders what is happening in Regency. And we are open for questions or answers next. And I mean any question and answer as shareholders public that from a general public, anybody from the would like to ask. Feel free if you have any on what we are -- thanks again.

Thank you so much for that, Andrew. I'm sure that the shareholders appreciated hearing from you, their CEO in such an extensive way we want also from the LGI team say congratulations on a year well done. Congratulations on your increase in revenues. And of course, the service station that was opened last year, the ones that are -- the ones that are in the 2024 year as well. Congratulations on the partnership with Just Gas and just the expansion of your LPG line. So there is much that you have accomplished, as you rightfully said, since you have listed on the exchange, and it is no small feat. So indeed, we celebrate with you that win. I do want to welcome Jerry back as well -- we have a number of questions to get through. So for the listening audience, we want to continue to encourage you if you have any questions to put them in the comment section, and we will get to them. We're about to start now with this question from Devon. Will you still be proceeding with the APO to raise funds to offset debt and funding future projects?

That is the part the -- reason why I have stated that we want to have these service stations opened. So reminder me his name again. Devon, to answer your question. We are not sure what avenue we will take in terms of expansion. We want to have the service stations opened. So we can see our revenues and our profits and how we will move we have targets and forecast for our profits to execute but we want see the actual profit before we move on any further expansion this year. As I said, we are not anticipating any construction or any major or significant expenditure We do have to expand on our construction in the next 2, 3 quarters. We want to see these profits so we can more how we want to structure financing in the future projects. And I say that is something as a comment as something similar to so we have to ask -- then when we look at whatever options that I think which we may have. So in , we intend to have these service stations open, so we can see integrating how we move on.

I think this question is for Jerry based on the financial presentation. Question is from Jason, what are loyalty credits and why do you no longer earn them?

Well, [indiscernible] we have showing gratitude to customer basically. But that program was discontinued by our supplier. So it just to the in particular it was discontinued to buy the supplier.

The credit was not incentive program from So this is an incentive program because an where it wasn't -- they were obligated to renew it. So I think they are -- we are in discussions with them to see they can renew the program. We haven't got a definite answer, but we're looking forward to the answer if it's 1 of us.

Next question is from our community. What's the update on the station? And are you still on track to open in Q1. You would have addressed this Andrew and stated that due to the rainfall, et cetera, there were some delays and now we are looking at Q2 for opening. So I think we can move to the next question. What percentage of your expenses are considered nonrecurring? Jerry, I believe that 1 is for you.

[indiscernible] But I would say most of the cost that we are seeing in '23 is just clearly fixed going forward -- so with the increased revenue also does increase revenue the pricing we got on to the bottom line pretty much of these costs would have been stand going forward. If we actually can step in some areas and some to renew some of these -- but pretty much these costs have to deliver it and try to increase revenue to about bottom line.

And I So I as I stated earlier in this interview we have put infrastructure employees to manage, operate these opening service stations. Now what is very important to note also, which had mentioned earlier is that our revenue source over what the past 3 years has been So it is all changed in August of last year. So what is our source of revenues of the 1 service from 2018, 2019, 2021 that was the only sort of a revenue we had funded August of last year. Now with these additional expenses, which are fixed, this is what we have put in place to manage the service stations. So we operated for the last quarter of last year under what revenue is worth. We now have 3 revenue sources looking forward to our fourth revenue source. The first revenue -- the second revenue source August, the third revenue source in January of this year. So I think moving to the end of this quarter, we should achieve in our revenue having these decisions now in operation and then for the fourth or the next one, which is where I keep an thing. Let us breathe on this after the second quarter, 2 more quarters to see those revenues. So yes, we are fixed, what to be it in relation to our revenues was remaining the sea for 3 quarters of last year.

Thank you for that additional context. The Jason is also asking on your cash flow statement. So Jerry, this is for you again, we saw receivables and deferred expenditure balloon to erode your cash from operations. Could you explain your receivables arrangements with the outstanding customer or customers?

Okay. Let's put a bit of context. The most expenditure, I'm construction of the gas station [indiscernible] Those costs are really deferred to be recovered from the landowner, Right? So that contribute to our receivables been showing a significant increases -- receivable to the recoverable costs which is borne by our P&L in the number. And as for agreements and contracts, there will be off against a lease going forward. Very long-term lease, I could say. So it's a good thing, very good things for the company to have arrangement and that's it.

Thank you, Jerry. I hope that's clear, Jason. The deferred expenditure regarding the Kingston location. So the next community question says, will we see any new gas stations in 2024?

Well, there are no plans new service stations in 2024. We actually opened in first quarter already. So there is no immediate plans for because we are [indiscernible] to be a 2024. Overall, we are seeking locations currently -- to seek a location where we can seek approval for these locations for service stations. But currently for 2024 where the onto have these service stations open nothing immediate. If something comes into existing service stations an existing service stations want us to be and a  Regency service station [indiscernible] so we welcome service station to join the  Regency team. If you are [indiscernible]  Regency team will welcome, we welcome any opportunity that we can so we can so each other and each company will benefit from that.

Absolutely. And that does feed right into your statement earlier about growing other businesses and the passion that you have there. So thank you for that. Jason, does have a follow-up question for you, Jerry. First is than answering, but is now asking -- is it that the land owner is responsible for both the receivables and the deferred expenses?

Yes, [indiscernible] similar arrangement we're talking about it in this going to be 2 separate arrangements. We have net growth operation. We are expanding incurred by RPS, which will be recovered and those are will be set out, but we don't have -- what to call now the arrangement is still in work on. So the is reclassified as you receive The other 1 is in deferred expenditure, both of them will be set up a lease. expenditure incurred, it will be recoverable.

Okay. Understood. So it's just -- it's the same context or same situation just they're categorized differently at this point.

Yes.

Understood. Our next question is from Sean Brown. Have you considered implemented automated car washes at every service station?

All right. This is something I have considered from probably months before we start to offer location. We need some due diligence on number of services that we could offer the service station 1 of them, along with others. And this in from this investigation is that the infrastructure that it will require and the profitability from an automated car wash with what we have [indiscernible] but I would say with what we have existing or when we move on locations, a bit our current location it's going to make our profitable for an investment of our automotive car wash and whatever it requires and this from revenues on that profitable. Because for current location there are many -- the competition we have and the fees and the infrastructure of location was a feasible not feasible car wash there. But not to say that we're just missing that car wash services, no. As we mobile, we see the low tech on what we do diligence for that area, for that particular location. And yes, we will implement what we additional revenue source.

That is great. Great to know that the innovation -- the thoughts of innovation are already in place and you're doing the work behind the scenes. And I think it's a great point to inject just how much work goes on behind the scenes before we see anything.

[indiscernible] before we do any job I don't think anything significant.

Yes, and the team for that. So our next question is, again, from Jason. Is there any consideration to follow the refill and Plaza model that allows you to sell fuel and earn rental income.

Is there a -- okay. Understood. Based on our location where we are located we would customize this location. There are certain things understand the  Regency service station that we customize it to the location where are. So again, we have our research team that we would investigate based on location. What is lacking, what could benefit the community the company both for the [indiscernible] So it will again be customized whichever location that we move.

Great. That is good to know. So we're looking forward to seeing what customizations will be coming with the Spanish on road location, right? All right. So on to the next question, are you concerned about the growth in receivables?

As I said before, receivables it's not the name with the growth in the business. We still have -- have we kind of control in terms of you we and we follow up on anything that seems to be into or anything like that we follow. so it's not really a case we are in a case.

And we're growing company. So what is the nature of the industry. It's the [indiscernible] So in about out of our cash load about on more money is involved. So as we go, we do a lot more sales than the car to the revenue has grown 37%. So as we grow, you will find that we do a lot more steel. The objective now is to keep these receivables current. So because as I said, a smaller So if we are hearing all other new customers, we manage it properly in terms of additional business, additional revenue we can manage the owners of them to manage these receivables properly. Because I think we radome additional business is first we know are competent to the customer that I'm going to go to the [indiscernible] in terms of payment. So the orders on the company to asset, again, we invested in the ministry structure, so we can analyze our revenues [indiscernible] we have because are pretty so manage it properly. I would say managed it properly increase managing receivables, it's going but overall our revenue increase, and we are collecting on time. So management when it comes on to that.

Right. And I think you hit 2 salient points there. The receivables who you give credit to is another major point of due diligence. There is a lot that goes into that and also the fact that it is kept current. So you're not looking at bad bits. You're just -- you're simply looking at the cost of doing business there. So thank you for that. Next question, what is expenses as listed under your administrative expenses. And we also have another question. What are the other expenses made of. I think those are related. Over to you, Jerry.

Well, I'm not sure the first question I'm not sure we can go to We will have other expenses. And those are basically quite a bit of small expenditure on which of our companies would have a together in terms of presentation and also some of it is that's everything you want to make public to how competitors also. So it is mainly not much of other small expenditure combined together.

Just adding to that. I mean, I can't kind of what I've seen is that been a listed company. We have over so that we were too early in the with the stock exchange that the there ongoing monetary expenses -- and about shareholder regions you have actually as a -- so for many shareholders what is going to stack achieved. So we have those expenses and it's based on [indiscernible] shareholders. Some of these expenses, R&D [indiscernible] actually, this was about [indiscernible] 2,000 shareholders. We are paying a higher cost, paying a higher fee for that. So this is what I just told and then we have additional administrative costs. I mean just by being listed which are fixed costs and also has increased [indiscernible] put in place so to monitor primarily because we have invested heavily in these service station automation. So automation is 1 thing, but to enforce and monitor in another thing. So we have to employ competent staff in for that also. We don't want to delve too much into to too much our whatever needs to be.

You don't want to give away the secret sauce, right? All right. So is saying that she really appreciates RPL's transparency and openness. And we've got that comment many times over, which we have shared with the team. So kudos are trying to grow and not just shareholder value but also other Jamaican businesses. So that 1 wasn't a question, but a comment on -- and is this confirm that you're very clear in your explanation under it, so you do see good to go. Yes, even with this -- so we have a few more questions to go. Sean is asking, do you think we'll see a dividend pay this year?

Well, I we are all looking forward to that -- when do we see these 2 quarters go, we will know, which is what I said, we know how we do on financially. We know what we can be for at what we can go to the market for our or a bond issue to expand. So yes, it is all the things when I reached a point in where we return -- we look forward to where we can pay out dividends. We are a growing company. And I mean it's new to many others the opportunity across our and sometimes I wouldn't expect it because we are listed company also, you find that knows opportunities will come up for us. You will have to know [indiscernible] job at what we set aside. So I can I've been mentioning about comes across the we have to look into a if it makes sense for us to jump on this and that it might look, yes, you want to go at it rebut when you look deeper into these opportunities, you realize that no, in the long term, it will be beneficial to the company. So if something comes up for us, yes, we will expand. But when you come on to the dividend right now, we want to see what we are early and see how we can something [indiscernible] I know what to talk about this immediately because this will also be significantly then we may set out of -- we are in a good stage in keep coming on, keep coming on. So we say, operate. We don't have that 50-seaters airline but I will probably have a -- so we're looking for big things come. And I see import income balance, we have an opportunity, and we're making significant [indiscernible] yes, definitely we look at the dividend payout. Does that answer your question.

I think you did. And I think the audience is quite clear on the position regarding dividends. So that was actually our final question, and I do 1 to just encourage or audience or listening audience and your shareholders that if there are any other questions, feel free to leave those questions in the comments and will be short and to engage the RPL team to get the responses for you as soon as possible. We also once again new Andrew an opportunity to make any closing remarks and also inform your shareholders or just remind our shareholders of how to get in contact with the RPL team in the event, there are any questions that we have about the results.

Okay. Thank you. Thank you for the opportunity. I have in this once more this earnings call. of all we have to say, as we once more to the for carrying of  and carrying Regency to its first year of listing and for the company with what all the opportunities I've seen over the last year. All that we have done and we have achieved over this last year and from commencement of  Regency to present it's all on him. I mean, on the He has carried us so far, and we have confidence in him that he will continue to be with the company and help us grow what he sees fit. So we actually -- we leave it up to him have release on to the company, but we are in to use us to do what he wants us to do, so we can grow the company. And so far, so very, very good, and we are and we are a [indiscernible] So for our shareholders and audience. We agree, we have about a successful year and we have a bright future ahead -- and we are a growing company, we are very minute and we have achieved so much in 1 year and thanks to the have been listed on the stock exchange where we are able to grow our company is now and we have such a bright future ahead to grow on as a Jamaincan company we try to help our economy grow. We're not only just seeking profits, and profits and profits alone. Yes, profit is very critical and very important, where do these profits are earned when we have access to these profits, we try to grow our Jamaican companies, companies with our fancier we just got. And we also try to continue to assisting our community where intent it was finished on a which is quite relatively controversial but we still have home Jamaican location, but then we have more mishandle or runabout only put our service station we want also to grow that community. If you [indiscernible] by some land mass, we have huge companies in the [indiscernible] I mean this is Kingston years after this is Kingston before development taken place, and we want to reenergize the area. We are going to that location. We have to rebuild. So everybody to be in the region will benefit and the community will benefit is our any other location we are. So all [indiscernible] we want to help the company and help the communities to grow and assit in which way we can. And moving forward for 2022, many time we are eagerly anticipating these service stations to be opened. We want to see the profit, we want see the revenue and then we can move on. We are looking for our service stations to expand the LPG. I know at the same time I can say for the LPG to say we do have a unforced LPG pros. We across island to enter your community for the whole it is highly capital intensive, we're approaching strategically. We have to know because I would say it's a lot of an also LPG. We [indiscernible] overtime for sure. We are coming about over time to come, meant long term, 100% that we cover the entire island when it comes on to LPG, and we will maintain that wholesale name and a Jamaican company. We have talked about conducting a on automotive fuel. The LPG will take a little longer time, but we do organically. And what is important to note is that we mine our market share over the suppliers [indiscernible] channel grow have grown but the bonds have outgrown it marginally as we can with the wholesale cylinders. So we are holding quite firm with that. And I mean, it's my pleasure when we get called almost really customer inquire when we want to come to your location. So obviously, we have our reputation here that we move on to, and we are trying to establish ourselves across graduate as we go under for LPG [indiscernible] because I say we actually started all. So you're probably seeing much it's definitely growing in the back or market share in sustain and grow marginally. So overall, for the company,  Regency Petroleum, we have excellent year, and I have a referee. And you follow us for our expansion and for the as we are doing for [indiscernible] also we are [indiscernible] in general about the company, our office number is [indiscernible] over that for the past 2 to 3 weeks, we have a phone line issue in the general area where our office is located. So our provider is slower than [indiscernible] But I can also give you a cell number or [indiscernible] that monitors that and also cell number 876803697, operation number. We have our operations we use other number. So this is there. I mean, we were in this call and you can't get to so you can now see it earlier. I'm going to have someone I said, monitoring that info RPL saying if I respond within 24 hours on that. So thanks for our shareholders. I say audiences -- and we can have a great future. And I say, we are really [indiscernible] So I don't see where there's any success for the future. All right.

Thank you so much, Andrew. I want to thank you once again for allowing us to host this earnings call on our platform. Thank you to Jerry as well, CFO for making himself available. Thank you to the RPL team for remaining transparent and open to having these conversations, these open conversations with your shareholders. It makes a difference in the market. It makes a difference in your -- in the investor confidence, it makes a difference in the wider community. So it's not just your shareholders, but you are making an impact on the Jamaica stock exchange period. So thank you very much for your continued availability, your continued commitment to transparency and communication with your shareholders. So with that, I would like to thank our listeners for being here. Thank you for the engagement and the questions. I encourage you to subscribe to this channel, if you'd like to see more earnings calls and more content of this nature. And also, we encourage you to follow the Learn Grow Invest social media pages to get more information and accessibility to more companies that are, in fact, listed. And to the companies, if there are indeed any company's CEO is watching and you have an interest in engaging with your shareholders, we invite you to make contact with us as well. Thank you, everyone, and have a great rest of day.