November 11, 2026
Regency Petroleum Limited (RPL)
Unaudited financials for the nine months ended September 30, 2026:
Regency Petroleum Limited (RPL) for the nine months ended September 30, 2026, reported an 83% increase in Operating Revenue totaling $2.46 billion compared to $1.34 billion in the corresponding period last year. Revenue for the third quarter rose 88% to $898.16 million, supported by the acquisition of Yaad Man Haulage’s LPG operations in mid-February, higher automotive fuel volumes at the Westmoreland and St. Andrew stations, and the Crawford truck stop, which began operations in July, alongside materially higher fuel prices.
Year to date, Direct expenses amounted to $2.09 billion (2025: $1.08 billion), an increase of 94%. Gross Profit rose 39% to $361.79 million (2025: $260.83 million), while the gross margin declined from 19.43% to 14.73% as the company narrowed its automotive fuel spread to remain competitive in Western Jamaica. For the quarter, Gross Profit was $119.51 million, a 22% increase over Q3 2025, with the quarterly gross margin falling from 20.49% to 13.31%.
Operating expenses grew 24% to $181.82 million relative to $146.51 million in 2025, reflecting depreciation of $49.81 million (2025: $30.52 million) on the enlarged LPG asset base, repairs and maintenance of $15.96 million (2025: $11.06 million) including post-Hurricane Melissa restoration work, and higher staff and contracted worker costs. Operating Profit climbed 58% year to date to $182.43 million (2025: $115.23 million) and rose 25% in Q3 to $56.70 million (2025: $45.35 million).
Finance costs rose 109% to $68.07 million from $32.56 million last year, driven by loan interest of $21.10 million (2025: $0.40 million) on the CIBC Caribbean facilities, one-time commitment fees of $8.56 million, lease interest of $22.90 million and a 30% rise in bank charges to $12.18 million. Pretax Profit for the nine months was $114.35 million, a 38% increase over the $82.66 million reported in 2025, while Q3 pretax profit rose 8% to $33.96 million (2025: $31.56 million). No tax charge was incurred under the Junior Market remission, leaving Net Profit equal to $114.35 million year to date and $33.96 million for the quarter.
Consequently, Earnings Per Share for the nine months amounted to $0.080 (2025: EPS: $0.058), while Earnings Per Share for the quarter totaled $0.024 (2025: EPS: $0.022). The twelve-month trailing EPS was $0.10 and the number of shares used in these calculations was 1,435,786,770.
Notably, RPL’s stock price closed the trading period on November 11, 2026 at a price of $4.11 with a corresponding P/E ratio of 40.37x.
The company reported that the Crawford, St. Elizabeth station reconstruction is 65% complete and that it has received a settlement offer from its insurers for Hurricane Melissa damage, which it continues to negotiate. Construction of the Norman Manley International Airport station has not yet begun, pending amendments to the arrangement, and the quality pavement repair project has been delayed by manufacturing constraints. Management is exploring consolidating its debt into one facility.
Balance Sheet Highlights
The company’s assets totalled $1.76 billion (2025: $1.20 billion). The movement in total assets was mainly attributable to a $206.54 million, or 36%, increase in ‘Property, plant and equipment’ amounting to $773.72 million (2025: $567.18 million), the recognition of ‘Goodwill’ of $171.08 million (2025: nil) on the Yaad Man LPG acquisition, and a 122% increase in ‘Receivables’ amounting to $234.61 million (2025: $105.83 million).
Shareholders’ equity was $743.89 million (2025: $597.51 million), representing a book value per share of $0.52 (2025: $0.42).
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