September 1998 Table
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Current Issue of The Abaco Journal
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ABACO MARKET STOCK SOARS
Abaco Markets Ltd shares have skyrocketed in value, climbing 40% since the "little
company that could" went public less than nine months ago, the consumer goods retailer
and wholesaler told shareholders at the annual general meeting in Marsh harbour last
Calling the outlook "robust", Abaco Markets Financial Controller Reginald Sands told
about 70 investors the company's acquisitions, consolidation and steady growth have
combined to produce a strong market position. That, he said, coupled with a healthy
economic forecast for The Bahamas, painted a bright portrait for Abaco Market's continued
profitability for investors.
Shares have soared from $5.25 to $7.70 since November 1997 - nearly four times the
average stock rate of return for American stocks during the same period. Sales increased
by 18%, rising from $14 million to $17 million for the year ending November 1997.
Sales are projected at $22.5 this year.
R Craig Symonette, chairman of the company with $10 million in assets, said, "This
was a year of remarkable change that brought even more remarkable progress." He said
in the past year Abaco Markets became the first Family Island non-utility business
to go public. It expanded and consolidated Abaco Office Products and bought Solomon Wholesale
Club's Abaco division.
"These are bold changes for a firm that started with one humble grocery store just
two decades ago, yet these changes have already proved successful, benefitting customers
and stockholders. Through volume buying, we have been able to reduce prices on many
consumer products, in some cases well below Nassau levels," he said.
Price reductions and increased volume have added up to investor success, the company's
"Abaco Markets will continue to be successful because it has a clear strategic direction,
strong management, well trained staff and a good buying strategy, all features of
a healthy company," said an independent business observer. "These features combined
with ample debt capacity place it in a strong position to look for new opportunities."
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