$50.5m profit

Fijian Holdings Group (FHL) recorded an operating net profit before tax of $63.22 million for the year ended June 2023 compared with $18.6m in the corresponding period last year.

A market announcement from the group sent through the South Pacific Stock Exchange (SPX) said the group recorded a net profit after tax of $50.5m for the year, which was a substantial increase from $14.9m for the same period last year.

Major contributors to the profit were South Sea Cruises, RB Patel, Merchant Finance, Pacific Cement and Basic Industries.

The holding company recorded a profit after tax of $14.49 compared with profit of $8.3m for the same period last year.

According to the announcement the group noted a remarkable turnaround of South Sea Cruises which recorded its best operating profit so far.

“Benefiting from the resurgence in the tourism industry – marked by record-breaking visitor arrivals, South Sea Cruises capitalized on opportunities, resulting in outstanding financial results,” stated the group.

Despite challenges including a highly volatile labour market, inflationary pressures and supply chain disruptions, retail and finance continue to remain core performing sectors of the group providing positive results.

Meanwhile as of June 30, 2023 the FHL Group net assets stood at $323.3m compared with $280.3m the previous year.

Group chairman Colonel (Ret’d) Sakiusa Raivoce said in today’s highly competitive business environment, achieving significant results while staying true to their strategic vision and mission was an accomplishment and they were proud of the FHL.

“Our performance reflects the effectiveness of our strategy and our commitment to creating value for our shareholders and contributing to economic growth in Fiji.

“We are sincerely grateful for the trust and support of our customers and stakeholders and more importantly the FHL Group family on this recovery journey,” he said.

He said while the group had a notable year, the board remained vigilant and cautious about the future. Meanwhile the board also highlighted that the corporate tax rate would affect the returns from all FHL’s investee companies.